Analysis: Bitcoin is facing increasing pressure below the key cost basis.

PANews, August 29th news, according to CoinDesk, after Bitcoin hit a historic high of over $124,500, it has continued to pull back and is now fluctuating around $110,000. Glassnode’s weekly report points out that as the cost basis for investors has come under pressure over the past six months, the pressure on top buyers has been increasing; short-term holders tend to take profits at breakeven points, resulting in increased resistance to rebounds. On the technical side, Bitcoin has fallen below the realized price lines for 1 month ($115,300) and 3 months ($113,700), but the 6-month moving average ($107,440) provides strong support. This indicator reflects the average cost basis of investors, and the current price being below this level means that most holdings are at a loss. According to CoinDesk’s research, the cost line for short-term holders is above $108,500, and Bitcoin rebounded at this level on August 26. The average cost for investors entering in 2025 has dropped to just above $100,000, and a drop below this level could trigger a sell-off. This pullback indicates that the pressure from recent inflow funds has increased, and the anchoring effect of prices on market psychology is becoming more pronounced.