Bitcoin remains 9% below its recent historic high of $124,128. Against the backdrop of uncertainty in US monetary policy over the past month, it has lost more than 4.5%.

The share of coins in profit has fallen to a key level of 90%, and a break below this level could signal the start of a correction.

According to Glassnode, support is in the $107,000–108,900 range, with resistance around $113,600. The price is also below the average monthly purchase price ($115,600), which increases pressure on new investors.

A rise to resistance levels could lead to investors taking losses, while a break below opens the way to $93,000–95,000. So far, losses are estimated to be insignificant, but demand in the spot market is neutral, and futures positions remain unstable and predominantly bearish.

The first zone of defense is the six-month acquisition cost, but price increases could trigger sales by nervous investors.

BTC is currently trading below the average purchase price of short-term holders, which is adding to their stress. A market recovery is likely to meet resistance, as many of them will try to break even.