A recent report by Glassnode suggests that Bitcoin's bullish momentum is at a critical juncture, with the cryptocurrency needing to hold above $92,500. The report highlights similarities between the current price structure and previous cycle peaks, raising concerns about potential downside risks. A key metric to assess Bitcoin's vulnerability is the supply held by short-term holders, with historical data indicating that if bearish conditions intensify, BTC could retrace towards $71,600. The report warns that breaching the $92,500 threshold could lead to panic selling and accelerated losses. Market momentum is fading, as reflected in weakening open interest and declining perpetual futures funding rates. This is seen as a shift towards a risk-off sentiment, with memecoins experiencing a rapid retreat of speculative capital.



Other News from Today