Glassnode’s latest analysis, cited by COINOTAG on August 28, identifies a key Bitcoin support corridor between $107,000 and $108,900; a decisive breach of that band would point toward a lower support cluster in the $93,000–$95,000 area, where multiple on-chain support levels are concentrated. Selling pressure from short-term holders suggests that $113,600 could act as near-term resistance on any rebound.
Market microstructure shows neutral demand in the spot market while the perpetual futures landscape is broadly bearish yet fragile, and the funding rate hovering around 0.01% underscores persistent uncertainty. Compared with prior cycles, this correction is moderate; however, on-chain metrics and derivatives positioning indicate the market is navigating a delicate balance between a tentative bounce and further downside risk.