glassnode: Bitcoin Breaks Key Level, Mild Bear Market Sentiment Strengthens

BlockBeats News, November 20th, glassnode published its weekly market observation article. The article pointed out that Bitcoin has dropped below the STH cost basis and the -1 STD range, putting pressure on recent buyers; the $95K-$97K USD range has now become a key resistance level, and reclaiming this range would indicate an early step towards market structure recovery.

On the other hand, spot demand remains weak, with US spot ETF fund flows severely negative, and TradFi asset allocators not adding any buying pressure. Speculative leverage continues to decline, reflected in a decrease in open interest of futures contracts in the top 500 assets and funding rates dropping to a cyclical low. The options market has significantly repriced risk, with implied volatility rising across all tenors, skew remaining low, as traders have paid a high premium for downside risk protection.

This deeper drop has continued the mild bearish trend emphasized last week, raising doubts about the potential reemergence of structural support. All of these factors combined create a market seeking stability, with its future direction depending on whether demand can reemerge near key cost levels, or if the current fragility will evolve into a deeper correction or bear market.