Data: Bitcoin is approaching a breakthrough point, with US$114,000 being the watershed of bull and bear

According to ChainCatcher, glassnode has expressed market views that all Bitcoin’s short-term annualized real volatility indicators have fallen below about 30%, marking the low volatility range since the bottom of $107,000. This calm rarely continues, and volatility surges often follow. The market is approaching a breakthrough point and momentum is about to change. Market momentum can be evaluated from multiple perspectives—one of which is through capital inflows of realized profits (30-day moving average). The figure is currently $1.17 billion a day, down about 47% from the peak of $2.2 billion in June, but is still above the baseline ($800 million) in the bear market phase. Kinetic energy is weakening and balance is becoming fragile. The net flow of US spot ETFs (90-day moving average) also showed a similar trend. This marks a significant decline in TradFi buyer momentum, indicating that institutional demand is weakening. However, the drop to $107,000 triggered a panic sell-off from top buyers, laying a typical foundation for the market’s rebound. Bitcoin may rebound to $114,000 in the near term, but the overall trend tends to continue to bearish as long as the price falls below that level. .