Analysis: Bitcoin is under increasing pressure below key cost basis

PANews reported on August 29 that according to CoinDesk, Bitcoin has continued to pull back after hitting a record high of over $124,500, and is now fluctuating around $110,000. Glassnode weekly pointed out that as investors' cost base is under pressure in the past six months, the pressure on top buyers is increasing; short-term holders tend to take profits at the break-even point, resulting in increased rebound resistance. Technically, Bitcoin has fallen below the achieved price line of 1 month ($115,300) and 3 month ($113,700), but the 6 month moving average ($107,440) provides strong support. This indicator reflects the average holding cost of investors, and the current price below this level means that most holdings are losing money. CoinDesk research added that the short-term holder cost line is above $108,500, where Bitcoin rebounded on August 26. The average cost of investors entering the market in 2025 has dropped to slightly above $100,000, which may trigger a sell-off if it falls below. This pullback shows that the recent pressure on entry funds has increased, and the anchoring effect of price on market psychology has become increasingly obvious.