[glassnode: Bitcoin enters deep oversold state, early bottom may form in the $84,000 to $90,000 range]
On November 25, glassnode released its weekly market analysis report, stating that Bitcoin's current trend remains clearly downward. However, recent resilience around the mid-$80,000 level suggests that if selling pressure continues to weaken, the price may stabilize. The spot market remains quiet, ETF funds continue to flow out, and the market is transitioning from aggressive selling to an orderly risk-off phase. The options market maintains a defensive stance, volatility spreads are narrowing, and panic sentiment is easing. On-chain activity is sluggish, with indicators such as transfer volume and fee revenue slowing down, profitability under pressure, and unrealized losses deepening. The report highlights that Bitcoin has entered a deep oversold state and may form an early bottom structure in the $84,000 to $90,000 range.