Bitcoin Dives to $107k as On-Chain Data Show Mixed Outlook: Resistance at $113k and Bearish Targets Emerge

Bitcoin price analysis shows a renewed pullback as the asset touched a low near $107,494 and posted roughly a 2.2% daily decline, underscoring tactical caution among investors.

On-chain data perspective from Glassnode indicates sustained pressure above the short‑term cost of ownership around $113,000, a key bulls‑versus‑bears battleground. A failure to reclaim this level could shift focus toward the on‑chain cost base near $88,000.

On-chain fundamentals align with CryptoQuant CEO Ki Young Ju’s note that the average wallet cost sits around $55,900, implying holders are sitting on roughly 93% unrealized gains; inflows remain robust, though demand constraints keep upside momentum in check.

Market outlook from Markus Thielen of 10x Research suggests BTC is testing critical support since October’s drop; a breach below $107,000 could open a path toward $100,000. Concurrently, Banmuxia advocates a potential shift away from the traditional four‑year cycle, forecasting extended rangebound movement before a broader market recovery.