Bitcoin is experiencing increased pressure as it fluctuates around $110,000, following a recent high of over $124,500. Glassnode's report highlights that the cryptocurrency has fallen below critical realized price lines, with the one-month and three-month levels at $115,300 and $113,700, respectively. However, the six-month moving average at $107,440 offers strong support, indicating that most holdings are currently at a loss. CoinDesk research notes that short-term holders are taking profits at break-even points, adding resistance to potential rebounds. The cost-to-investment level for these holders is above $108,500, a level Bitcoin recently rebounded from. The average cost for investors entering the market in 2025 is just above $100,000, and a drop below this could trigger a sell-off. The current pullback underscores intensified pressure on capital inflows and the significant impact of realized prices on market sentiment.