On November 20th, Glassnode published its weekly market observation article. The article pointed out that Bitcoin has fallen below the STH cost base and the -1 STD range, putting pressure on recent buyers; the $95K-$97K area has now become a key resistance level, and if this area can be regained, it will mark an early step in the recovery of the market structure.
On the other hand, spot demand remains weak, with negative inflows into US spot ETFs and no additional buying from TradeFi asset allocators. Speculative leverage continues to decline, reflected in lower open interest in futures contracts for the top 500 assets and funding rates falling to cyclical lows. The options market has significantly repriced risk, with implied volatility rising across all maturities and skew remaining low as traders pay a premium for downside protection.
This deeper decline continues the mild bear market trend highlighted last week and raises doubts about the potential re-emergence of structural support. All these factors combine to create a market seeking stability, whose future direction depends on whether demand can re-emerge near key cost levels or whether the current fragility will evolve into a deeper correction or a bear market.
