The price of Bitcoin has dropped 8% to a multi-week low, sparking concerns about the state of the bull market. Glassnode's analysis suggests several risk factors contributing to the downturn, including declining capital inflows and outflows from Bitcoin ETFs. The Short-Term Holder (STH) cost basis has fallen to $92.5K, indicating potential bearish momentum. If Bitcoin fails to reclaim this level, further sell-offs may occur. Historical trends suggest a potential decline toward support levels around $71K-$72K. The last substantial demand zone is between $89K and $87K, with fewer investors buying in at lower levels. The risk of a drop to $71K decreases if Bitcoin can reclaim the critical $92.5K level. Currently, Bitcoin is trading at $86,703 with no signs of a rebound yet.



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