Analysis: The short-term bull-bear dividing line for Bitcoin is $111,400; if it remains below this level, the mid-term outlook is bearish.

ChainCatcher news, glassnode released its latest opinion after the recent downturn, pointing out that the cost basis of short-term holders is usually regarded as a key battleground between bulls and bears, currently at $111,400. Persistent trading below this level may indicate a shift in market structure towards a medium- to long-term bearish direction.