Bitcoin FOMO Cools, Weak Support Could Trigger $110K Retest
Bitcoin is showing signs of FOMO cooling after a recent profit-taking spike. On August 16, HODLers realized over $3 billion in gains, pushing Bitcoin 1.9% lower to $114,707. Around 3.75% of BTC supply holds a cost basis at $116,963, marking a major resistance zone. On-chain data from Glassnode indicates this cluster could anchor a deeper pullback. Bitcoin’s Accumulation Trend Score dropped from 0.57 to 0.20 in under a week, highlighting slowing HODLer stacking.
Market order flow is ask-heavy as bid-side support fades. Macro cues also shifted: Polymarket’s odds for a September rate cut fell from 80%+ to 73%, while no-change bets rose to 26%. These signals point to a likely liquidity hunt around $110,000 before fresh buying resumes. Traders should watch the $114K–$115K zone for weakness and prepare for a potential retest of $110K.
Bearish
The analysis points to weakening bid-side support and rising sell-side pressure as key on-chain indicators. A significant supply cluster at $116,963 and dropping Accumulation Trend Scores signal slowed HODLer buying above $114K. Coupled with shifted macro expectations—Polymarket’s reduced odds of a September rate cut—these factors suggest a short-term pullback toward $110K. Historical patterns show that when major cost-basis clusters act as resistance, prices often gravitate lower to capture liquidity. Despite potential long-term bullish drivers, traders should anticipate bearish momentum in the near term, with a likely retest of $110,000 before renewed buying interest emerges.