{
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    "date": "2025-09-04T20:54:13",
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    "slug": "bitcoins-euphoric-phase-cools-as-112k-becomes-key-btc-price-level",
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        "rendered": "Bitcoin\u2019s \u2018euphoric phase\u2019 cools as $112K becomes key BTC price level"
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        "rendered": "<div data-v-43e640e6>\n<p><strong>Key takeaways:<\/strong><\/p>\n<ul>\n<li>\n<p>Bitcoin has dropped 14% from its $124,500 all-time high, which led to a drop in BTC supply in profit, signalling market exhaustion.<\/p>\n<\/li>\n<li>\n<p>The $112,000-$116,000 supply zone must be overcome to start the next leg higher.<\/p>\n<\/li>\n<\/ul>\n<p>Bitcoin (<a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/bitcoin-price\" title=\"null\">BTC<\/a>) dropped 14% from its $124,500 all-time high to a seven-week low of $107,400 on Saturday. This correction saw the market transition into widespread net distribution, causing the \u201ceuphoric phase\u201d to cool, according to new analysis.<\/p>\n<h2>Bitcoin\u2019s drop to $107,000 suggests \u201cexhaustion\u201d<\/h2>\n<p>The <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-new-all-time-high-traders-asking-has-btc-price-top-124k\" title=\"null\">rally to new highs in mid-August<\/a> pushed 100% of Bitcoin supply into profit, according to <a data-ct-non-breakable=\"null\" href=\"https:\/\/studio.glassnode.com\/charts\/supply.ProfitRelative?a=BTC&#038;s=1735678800&#038;u=1756972196&#038;zoom=ytd\" rel=\"noopener nofollow\" target=\"_blank\" title=\"null\">data<\/a> from Glassnode.\u00a0<\/p>\n<figure><img decoding=\"async\" alt src=\"https:\/\/s3.cointelegraph.com\/uploads\/2025-09\/0199140a-8bff-7ff9-8473-d4ae8587d911\" title><figcaption><em>Bitcoin: Supply in profit. Source: Glassnode<\/em><\/figcaption><\/figure>\n<p>Sustaining such periods requires persistent capital inflows strong enough to offset relentless profit-taking, a situation that rarely endures for long.<\/p>\n<p>\u201cThis behaviour is often captured by the 0.95 quantile cost basis, the threshold above which 95% of supply is in profit,\u201d Glassnode <a href=\"https:\/\/insights.glassnode.com\/the-week-onchain-week-35-2025\/\" rel=\"nofollow noopener\" target=\"_blank\" title=\"https:\/\/insights.glassnode.com\/the-week-onchain-week-35-2025\/\">said<\/a> in its latest The Week Onchain Report.<\/p>\n<p><em><strong>Related: <\/strong><\/em><a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-breaks-red-september-streak-third-year\" title=\"null\"><em><strong>Bitcoin set to beat \u2018red September\u2019 dip for third straight year<\/strong><\/em><\/a><\/p>\n<p>The most recent euphoric phase lasted about 3.5 months, with more than 95% of the supply in profit.\u00a0<\/p>\n<p>Still, Bitcoin fell back below this band on Aug. 19 as \u201cdemand finally showed signs of exhaustion,\u201d the market intelligence firm said.<\/p>\n<p>At present, 90% of Bitcoin in supply is in profit,\u00a0 which is between the 0.85 and 0.95 quantile cost basis, or in the $104,100\u2013$114,300 range.\u00a0<\/p>\n<p>\u201cHistorically, this zone has acted as a consolidation corridor following euphoric peaks, often leading to a choppy sideways market,\u201d Glassnonde wrote, adding:<\/p>\n<blockquote data-ct-non-breakable=\"undefined\"><p>\u201cBreaking below $104.1K would replay the post-ATH exhaustion phases seen earlier in this cycle, whereas a recovery above $114.3K would signal demand finding its footing and reclaiming control of the trend.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2025-09\/01991409-c743-746e-bb73-55a8ae314fef\" title><figcaption><em>Bitcoin: Supply Quantiles Cost Basis Model. Source: Glassnode<\/em><\/figcaption><\/figure>\n<p>Similarly, the percentage of short-term holder supply in profit collapsed to just 42% from above 90%, indicating a textbook cooling-off for the market.<\/p>\n<p>Glassnode further explained:<\/p>\n<blockquote data-ct-non-breakable=\"undefined\"><p>\u201cSuch sharp reversals typically provoke fear-driven selling from top buyers, which is then often followed by exhaustion of the very same sellers.\u201d<\/p><\/blockquote>\n<p>With the recent <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-bulls-still-in-control-btc-price-passes-112k-analysis\" title=\"null\">BTC price rebound to $112,000<\/a>, more than 60% of short-term holder supply is back in profit. However, this <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-reclaims-110k-btc-market-structure-remains-fragile-new-analysis\" title=\"null\">comeback remains fragile<\/a>, according to Glassnide.<\/p>\n<blockquote><p>\u201cOnly a sustained recovery above $114K\u2013$116K, where over 75% of short-term holder supply would return to profit, could provide the confidence necessary to attract new demand and fuel the next leg higher.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" alt src=\"https:\/\/s3.cointelegraph.com\/uploads\/2025-09\/0199140f-a55c-785d-9ca6-ebef97ec9fa0\" title><figcaption><em>Bitcoin: Short-term supply in profit. Source: Glassnode<\/em><\/figcaption><\/figure>\n<h2>Bitcoin\u2019s main resistance remains $112,000<\/h2>\n<p><a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-bulls-charge-at-112k-gold-hits-fresh-all-time-highs\" title=\"null\">Bitcoin\u2019s relief rally stalled at $112,000<\/a> multiple times this week, indicating that the bears are aggressively defending this level.\u00a0<\/p>\n<p>The price faces stiff resistance from the $111,700-$115,500 supply zone, which is also the 100-day simple moving average (SMA) and the 50-day SMA, as shown in the chart below.<\/p>\n<p>Bulls must turn this area into new support to confirm the end of the correction, or risk further downside in the near term. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2025-09\/01991409-d9e1-747b-ab09-2d6af688f587\" title><figcaption><em>BTC\/USD daily chart. Source: Cointelegraph\/<\/em><a data-ct-non-breakable=\"null\" href=\"https:\/\/www.tradingview.com\/x\/RNkvAoHN\/\" rel=\"noopener nofollow\" target=\"_blank\" title=\"null\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>Bitcoin has \u201cbeen consolidating below its previous local range and has failed to retake it,\u201d trader and analyst Daan Crypto Trades <a data-ct-non-breakable=\"null\" href=\"https:\/\/x.com\/DaanCrypto\/status\/1963501486274474249\" rel=\"noopener nofollow\" target=\"_blank\" title=\"null\">said<\/a> in an X post on Thursday.\u00a0<\/p>\n<blockquote data-ct-non-breakable=\"undefined\"><p>\u201cA move back above $112K and holding there would be good in the short term.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2025-09\/01991409-de63-7ad8-9c69-e3ee1007a635\" title><figcaption><em>BTC\/USD four-hour chart. Source: Daan Crypto Trades<\/em><\/figcaption><\/figure>\n<p>As Cointelegraph <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/price-predictions-9-3-btc-eth-xrp-bnb-sol-doge-ada-link-hype-sui\" title=\"null\">reported<\/a>, there is stiff resistance from the 20-day exponential moving average (EMA) at $112,438, which <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-stages-2-week-downtrend-breakout-with-112k-next-target\" title=\"null\">Bitcoin price must overcome<\/a> to confirm higher lows.<\/p>\n<p data-ct-non-breakable=\"undefined\">Such a move would suggest that the corrective phase may be over. The BTC\/USD may then attempt a <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-soar-btc-whales-stop-selling-david-bailey\" title=\"null\">rally toward the all-time highs<\/a>.<\/p>\n<p data-ct-non-breakable=\"undefined\" type>This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\" data-ct-non-breakable=\"undefined\" label=\"Subscription Form: Markets Outlook\"><\/template><\/div>",
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