CryptoQuant: On-chain data indicates strong support in the $108,000 to $112,000 range, and the current pullback is normal

PANews reported on August 6th that according to CryptoQuant analyst Maartunn, Bitcoin recently hit a new all-time high, but long-term holders have begun selling at high prices, including a Satoshi-era wallet that sold 80,000 BTC. Despite the surge fueled by institutional investors such as Strategy and Metaplanet, Bitcoin has failed to maintain its position around $120,000. Data shows that short-term holders lost over 160,000 BTC between mid-July and early August, with the losses continuing for a longer period after July 31st, a significant concern. Furthermore, outflows from Bitcoin ETFs have also increased.

Bitcoin is currently seeking support near $112,000, with on-chain data indicating strong support in the $108,000 to $112,000 range. Analysts believe the current pullback is still normal, but a break below the previous high of $112,000 would signal a shift in market behavior.