According to Glassnode's report, if further declines occur, BTC may drop to below the $88,000 region, then recover and advance towards the $100,000 mark. The report highlights a key 'gap' as BTC's rapid rise resulted in minimal trading activity between $76,000 and $88,000, creating an undeveloped price range that could attract market attention if the current pullback continues. However, this price behavior is natural in the price discovery phase, which typically involves cycles of rebounds, corrections, and consolidations to establish a stable price range. As Bitcoin enters the price discovery realm, the report emphasizes the role of long-term holders (LTH) in bringing previously dormant supply back into circulation. While the $100,000 milestone remains within reach, the market may need to undergo a reaccumulation phase to digest profit-taking pressures and sustain upward momentum fully. A key driver of Bitcoin's price movement is the behavior of LTH, who have realized record profits amid increased liquidity. Since September, this group has distributed approximately 507,000 BTC, with profit-taking rates exceeding those in March. Glassnode's LTH activity indicator shows an increase in spending activity, indicating that most distributed tokens were recently acquired rather than held for years. LTH are currently realizing $2.02 billion in profits daily, reaching a new high, and strong demand must emerge to absorb the redistribution of supply. Additionally, the report warns that further consolidation is necessary to maintain market balance. The seller risk ratio (which measures the ratio of realized profits and losses to market size) is approaching high-value territory, indicating intensified profit-taking. (CryptoSlate)

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