Bitcoin Breakdown Begins — On-Chain Signals Say “Brace for $104K”

Bitcoin’s price showed renewed weakness, dipping nearly 4% on Monday. According to a detailed on-chain analysis, this raises the possibility of a test of the crucial $104,000 support level. On-chain data platform Glassnode posted the analysis on X on Tuesday, observing a persistent failure in upward momentum. The firm pointed out, “Since July, BTC has consistently failed to reclaim the cost basis of the top buyers’ supply source: https://beincrypto.com/bitcoin-breakdown-begins-on-chain-signals-say-brace-for-104k/