Bitcoin is ‘Caught in Consolidation Limbo’, Not Prepared For a Bullish Reversal, Says Glassnode

Bitcoin (BTC) is consolidating inside a light bearish part, buying and selling between $97,000 and $111,900. The resistance stands close to $116,000 “marked by top-buyers’ provide cluster,” in accordance with the most recent report by the blockchain knowledge supplier Glassnode.

Notably, vital components like ETF outflows, low leverage, and protracted put demand painting a extremely cautious market that’s presently ready for “renewed conviction.”

Market in a State of Consolidation

Bitcoin has dipped under $100,000 within the seven-day timeframe. Whereas transient, the slip proved a continuation of the broader downtrend that started in early October.

It pushed the market into what the report calls “a light bearish regime.” Costs are buying and selling beneath the short-term holder value foundation.

Furthermore, “a variety affected by the dearth of conviction and low liquidity has been confirmed.” This vary consists of sturdy resistance between $106,000 and $118,000 on the one hand, and key structural help close to $97,500 and $100,000 on the opposite.

Trying deeper, on-chain knowledge confirmed a short accumulation close to $100,000, suggesting localized help. But, if there isn’t a decisive reclaim of the short-term holders’ value foundation at $111,900, the “upside momentum is more likely to keep constrained.”

Equally, off-chain indicators sign warning as nicely. There are a number of key components suggesting subdued speculative engagement. These embody the US spot exchange-traded funds (ETF) outflows, muted funding charges, and low open curiosity level. Choices merchants nonetheless choose draw back safety round $100,000.

In terms of the ETFs, “a decisive return of inflows would sign renewed institutional confidence, whereas extended outflows may reinforce a extra defensive market tone,” says the report.

The analysts conclude that,

“General, each on-chain and off-chain indicators painting a market in a state of consolidation, stabilizing but not but prepared to verify a bullish reversal. Till renewed inflows or a transparent macro catalyst emerge, Bitcoin seems certain to oscillate inside this $97K–$111.9K hall, with $100K remaining the psychological line of defence.”

In the meantime, the latest drawdown is much like earlier contraction phases when costs moved inside an outlined decrease vary earlier than restoration. “Until Bitcoin reclaims the short-term holder value foundation (~$111.9K) as help, the likelihood of revisiting the decrease certain of this vary stays elevated.”

You may additionally like: When Washington Shuts Down, Crypto Retains Constructing: ETF Approvals Set to Resume The longest United States authorities shutdown on file has rippled by means of monetary markets—and crypto is not any exception. Liquidity is thinning, exchange-traded funds (ETFs) approvals are frozen, and merchants are bracing for what comes subsequent. Weeks into the shutdown, volatility spiked, culminating within the Oct. 10 liquidation occasion that erased $19 billion in leveraged crypto bets. Whereas merchants had been confronted with record-breaking losses, trade innovation additionally got here to a halt. For crypto…

A Important Battleground

Reclaiming the above-mentioned short-term holder value foundation is a vital prerequisite for “any sustainable shift towards restoration.”

At this level, “the sub-$100K zone has emerged as a vital battleground the place vendor exhaustion is starting to take form,” Glassnode famous. “A lot of the downward stress stems from high consumers amongst short-term holders, who’ve been realizing heavy losses through the decline.”

When BTC examined $98,000, over 80% of realized worth got here from cash offered at a loss. For a short second, this capitulation depth surpassed the final three main washouts of this cycle. This highlights “how top-heavy the market has turn into and the way pivotal the $100K degree stays for near-term stability.”

In the meantime, the Realized Revenue of Brief-Time period Holders has been weak since June 2025. This reveals a scarcity of contemporary inflows. It wants stronger demand from new market entrants and renewed conviction if BTC is to push by means of the $106,000–$118,000 top-buyer cluster.

As for volatility, it “stays supported by macroeconomic danger components and cautious sentiment.” But, there isn’t a extra enlargement. This “factors to consolidation reasonably than capitulation.”

Apparently, there may be proof that the market has adjusted to the next baseline of uncertainty with out getting into a state of panic.

Lastly, the Price Foundation Distribution Heatmap present a build-up of realized provide across the sub-$100,000 zone. It’s each earlier than and after the rebound to $106,000, exhibiting renewed accumulation by consumers absorbing capitulation flows.

“This dynamic completes the image; pairing vendor exhaustion with regular accumulation, creating the inspiration for a short-term restoration even inside a broader bearish construction,” says Glassnode.

Additionally, a dense provide cluster between $106,000 and $118,000 (the place many buyers exit to interrupt even) capping upward momentum types a pure resistance zone the place rallies might stall. Consequently, “a sustained restoration would require renewed inflows sturdy sufficient to soak up this wave of distribution,” the report concludes.

You may additionally like: Why Is Crypto Down At the moment? – November 13, 2025 The crypto market is down at this time once more, with the cryptocurrency market capitalisation lowering by 0.8%, now standing at $3.57 trillion. About 80 of the highest 100 cash have dropped over the previous 24 hours. On the identical time, the full crypto buying and selling quantity is at $183 billion. Crypto Winners & Losers On the time of writing, 7 of the highest 10 cash per market capitalization have seen their costs lower over the previous 24 hours. That is two lower than yesterday. Bitcoin (BTC) has dropped…

The submit Bitcoin is ‘Caught in Consolidation Limbo’, Not Prepared For a Bullish Reversal, Says Glassnode appeared first on Cryptonews.