[glassnode: Bitcoin Falls Below Key Levels, Market Structure Faces Test]
On November 20, glassnode pointed out in its weekly market observation article that Bitcoin has fallen below the STH cost basis and the -1 STD range. Recent buyers are under pressure, with the $95,000-$97,000 range becoming a key resistance zone. If this area can be breached again, it would signal an early recovery in market structure.
Spot demand remains weak, with U.S. spot ETF fund inflows in the negative. TradFi asset allocators have not increased buying activity. Speculative leverage is declining, with open interest in the top 500 assets' futures contracts decreasing, and funding rates have dropped to cycle lows. The options market is repricing risk, implied volatility is rising, and traders are paying a high premium for downside risk protection.
glassnode believes that this decline continues the mild bear market trend, and the future direction of the market depends on whether demand can recover near key cost price levels.