Bitcoin experienced a significant drop following its record-breaking surge above $124,500. The price fell 14% to a seven-week low of $107,400 on August 30th. This correction signals the end of Bitcoin’s ‘euphoric phase,’ as market analysts now believe we’re entering a period of exhaustion after months of sustained price gains. Analysis suggests that a new leg up in price will depend on whether the market can overcome key price levels. The current market position shows 90% of Bitcoin supply is currently in profit, with the majority falling between $104,100 – $114,300. Key price level resistance lies at $112,000, which has proven to be a major obstacle for bulls. Glassnode, a market intelligence firm, emphasizes that breaking this resistance is crucial for sustained upward momentum, while failing to do so could signal further downside in the near term.