PANews reported on August 29th that according to CoinDesk, Bitcoin has continued to pull back after reaching a record high of over $124,500, now fluctuating around $110,000. Glassnode's weekly report indicates that as investors' cost base has come under pressure over the past six months, pressure from top buyers has intensified; short-term holders are tending to take profits at break-even points, increasing resistance to rebounds. Technically, Bitcoin has fallen below the one-month realized price line ($115,300) and the three-month realized price line ($113,700), but the six-month moving average ($107,440) provides strong support. This indicator reflects investors' average holding cost, and a price below this level indicates that most holdings are losing money.

CoinDesk research adds that the cost-to-investment level for short-term holders is above $108,500, where Bitcoin rebounded on August 26. The average cost-to-investment level for investors entering the market in 2025 has fallen to just above $100,000, a break below which could trigger a sell-off. This pullback suggests that recent pressure on capital inflows has intensified, and the anchoring effect of realized prices on market sentiment has become increasingly pronounced.