BlockBeats News, November 25th, glassnode released its weekly market analysis report stating that although the current Bitcoin trend is still clearly downward, the recent holding around $80,000 mid-level indicates that if selling pressure continues to decrease, the price may show signs of stabilizing.
The spot market is trading thinly, with weak volume, and ETF funds continue to flow out, indicating that the market is transitioning from an aggressive selling phase to a more orderly derisking phase. The options market still maintains a defensive posture, with high skew and narrowing volatility spreads, indicating that the market expects continued future volatility but with some easing of panic sentiment. On-chain activity remains sluggish. Transfer volume, fee revenue, and realized capitalization have all slowed, indicating a relatively calm network operation. Profitability metrics have further deteriorated: unrealized losses and realized gains reflect deepening unrealized losses and increasing concentration of short-term holder supply, a pattern in line with a later-stage correction.
In summary, Bitcoin continues to fall within a manageable range, currently in a deep oversold and high-pressure state. Although profitability remains under pressure, slowing outflows, stabilizing momentum, and inadequate speculative leverage accumulation indicate that the market may be forming an early bottom structure in the $84,000 to $90,000 range.
