Bitcoin (BTC) is trading between $104,000 and $116,000, with on-chain data indicating critical levels for the next move. The UTXO Realized Price Distribution shows accumulation between $108,000-$116,000. Short-term holders face pressure as profit percentage dropped, but recovery above $114,000 could attract new demand. TradFi demand for Bitcoin ETFs has weakened, indicating a potential downside risk to $93,000-$95,000.

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