On-chain analytics firm Glassnode has issued a warning that Bitcoin may struggle to maintain its recent upward momentum without a new catalyst. The report emphasizes the risk of a deeper correction if Bitcoin fails to reclaim key resistance levels above $117,000. Currently, Bitcoin is trading around $111,400. Glassnode also highlights increased profit-taking by long-term holders, which could indicate demand exhaustion. Despite these concerns, the firm suggests that consolidation is likely following last week’s sharp price drop. Meanwhile, U.S.-listed spot Bitcoin ETFs have attracted nearly $6 billion in inflows over nine consecutive days, and a potential rate cut by the U.S. Federal Reserve in October could provide a supportive environment for Bitcoin.