PANews reported on August 26 that CryptoQuant analyst Axel Adler Jr. wrote that Bitcoin's recent strong support range is between $100,000 and $107,000, which is the intersection of the actual price of short-term holders and the 200-day simple moving average.

If it falls below this range, the market may find deeper support at $92,000 to $93,000, which reflects the cost basis of short-term investors who hold coins for 3 to 6 months and may become the market's second line of defense.