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What's Next for Bitcoin: Deep Decline? Or Rise? This Price Will Determine! - Coin Bulletin
**Bitcoin price has been stuck in the range of 93,000 to 97,000 dollars and a general cooling has started in the cryptocurrency market. Capital inflows are weakening, and activities in the futures market are also decreasing.
According to Glassnode's latest report, Bitcoin's attempt to exceed $105,000 failed and the market entered a period of contraction. The accumulation model of short-term investors showed a similar pattern to the May 2021 period.
(# What's next?
Glassnode pointed out that the market is at a critical threshold. In particular, Bitcoin's short-term investor cost base at the 92.5 thousand dollar level emerged as the most important indicator that will determine the direction of the market. This level is considered as the transition point between bull and bear markets.
If Bitcoin falls below this level, a panic atmosphere may occur among investors and selling pressure may increase. However, if it remains above 92.5 thousand dollars, the market can gather strength for a new upward movement. Especially the increase in institutional demand will play a critical role in Bitcoin surpassing this threshold.
)# Is it a healthy consolidation or a deep correction?
According to Glassnode, the current consolidation phase could be a healthy market reset or the beginning of a deeper correction. In particular, the weakening capital inflows in spot markets and the decrease in open positions in the futures market indicate a weakening market momentum.
If Bitcoin manages to hold above 92.5 thousand dollars, the consolidation process can be considered a healthy reset. However, if it falls below this level, the market may face a deep correction risk.