Viewpoint: Bitcoin is facing selling pressure, and market demand is nearing saturation.



According to BlockBeats, on October 30, glassnode indicated that the on-chain market pattern shows the market is in an adjustment phase. Bitcoin has failed to maintain the short-term holder cost price, momentum is weakening, and selling pressure is increasing. Long-term holders are highly decentralized, and the CEX transfer volume is high, with market demand approaching saturation, requiring a longer period of consolidation to rebuild confidence. The short-term holding cost price of Bitcoin is approximately $113,000, and if it cannot stabilize, it may drop back to around $88,000. Analysts point out that unexpected events from the Federal Reserve may affect Bitcoin, making the market calm and fragile.
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