According to @glassnode, Bitcoin is trading just above $110.8k, the average on-chain cost basis of 1–3 month old investors who accumulated during the May–July rally to new all-time highs, marking a crucial support level for the current trend; source: Glassnode. Glassnode’s historical analysis indicates that failure to hold above this 1–3m cohort cost basis has often been followed by multi-month market weakness and potentially deeper drawdowns, highlighting elevated downside risk if $110.8k is lost; source: Glassnode.