PANews August 7 news, according to Sentora (formerly IntoTheBlock) on-chain data analysis, Bitcoin's recent volatility has remained around 20%, showing a long-term downward trend, with no signs of compression in the short term, and the market is generally in a range-bound state.
At the same time, the correlation between Bitcoin and traditional financial markets is gradually increasing, especially the correlation with the S&P 500, which indicates that Bitcoin's sensitivity to macroeconomic conditions may be rising.
In terms of on-chain cost, currently about 95% of Bitcoin addresses are in profit, but this has decreased compared to the historical high of $121,000 reached in July. Data shows that many holders bought Bitcoin in the range of $116,000 to $119,000 and are in a loss position, which may become a significant resistance for future upward movements.