[Glassnode: Bitcoin May Face Deeper Correction Risks Without New Catalysts]
Glassnode warned in its latest report that if Bitcoin's price fails to break through the critical resistance level of $120,000, it may face deeper correction risks. The report pointed out that historical data shows when the price fails to hold this range, it often signals a medium- to long-term downward trend. Additionally, the recent increase in profit-taking behavior by long-term holders may suggest weakening market demand.
Hyblock Capital CEO Shubh Varma stated that Bitcoin's market performance this month might be relatively volatile, with the price fluctuation range expected to be between $116,000 and $120,000. Meanwhile, 21Shares strategist Matt Mena believes that with the accumulation of favorable macroeconomic factors and institutional capital inflows, Bitcoin could potentially challenge the high of $150,000 by the end of the year.