glassnode: Bitcoin Nearing Breakout Point, $114k Key Level for Bulls and Bears

September 10th. Glassnode presented a market insight indicating that the present Bitcoin Short-Term Realized Volatility has declined to approximately 30% or lower, signifying a low volatility range since reaching $107,000. Such a state of calmness seldom endures, and volatility spikes usually follow. The market is approaching a tipping point, with the momentum about to change. Market momentum can be evaluated from multiple aspects - one of which is through Capital Inflow Realized Profit (30-day moving average). Presently, this figure stands at $1.17 billion per day, a reduction of around 47% from the peak of $2.2 billion in June, yet still above the baseline during the bear market (<$800 million). The momentum is weakening, and the balance is becoming precarious. The net flow of the US Spot ETF (90-day moving average) also exhibits a similar trend. This indicates a substantial decline in the momentum of TradFi buyers, suggesting a waning institutional demand. However, the descent to $107,000 triggered panic selling by top buyers, laying the typical groundwork for a market rebound. Bitcoin may rebound to $114,000 in the short term, but as long as the price remains beneath this level, the overall trend is likely to remain bearish.