PANews reported on August 7 that according to Glassnode, the price of Bitcoin has continued to fall since it hit a record high of $123,000 in mid-July. It has now fallen below the lower limit of the $116,000 supply zone, reaching a low of $112,000, and entered a "gap zone" with lower liquidity.

Short-term holder profitability has fallen to around 70%, but the lack of a significant recovery in demand could weaken confidence, further exacerbating selling pressure. Dip-buying has pushed prices back above $114,000, but the $110,000 to $116,000 range is lightly supplied, and the market may need more time to build support.

The cost line for short-term holders is at $106,000, and the current price remains above this level, consistent with a normal correction in a bull market. Meanwhile, declining funding rates in major perpetual swap markets indicate a weakening appetite for leverage. Failure to break through the $116,900 resistance level could push prices further down to $110,000.