Bitcoin (BTC) Tests $100K Support Amidst Market Stabilization Efforts

Bitcoin (BTC) has once again tested the crucial $100,000 level, a pivotal support zone that has historically played a significant role in market dynamics, according to a recent report by Glassnode. As of early November 2025, the cryptocurrency market is witnessing a stabilization phase following a sharp drawdown in late October.

Market Overview

The recent price movements suggest the formation of a potential bottoming structure, with Bitcoin recovering towards $106,000. This uptick indicates early signs of buyer re-engagement, as momentum starts to strengthen from previously oversold conditions. The Relative Strength Index (RSI) has climbed back from below 30, suggesting that the selling pressure is easing, which aligns with an improvement in cumulative volume delta. The latter reflects a decrease in seller aggression and a gradual return of balanced trading flow.

Spot trading activity remains robust, hovering near recent highs, which could lead to increased volatility if Bitcoin surpasses short-term resistance levels around $111,000 to $116,000. Meanwhile, derivatives markets show a modest contraction in open interest, signaling deleveraging and a reduction in speculative exposure. Although options markets remain defensive with elevated skew, indicating traders’ preference for downside hedges, the narrowing volatility spread suggests diminishing fear.

On-Chain and Off-Chain Indicators

While ETF flows continue to be negative, indicating measured profit-taking rather than mass exits, on-chain activity presents a constructive picture. Transfer volumes have increased beyond their statistical range, pointing to renewed capital movement. Additionally, address activity and transaction fees signal steady network utilization.

Profitability metrics, however, remain weak, with a notable drawdown in unrealized gains and losses, reflecting stress on short-term holders. Historically, such conditions often precede accumulation phases, where stronger market participants absorb supply from those capitulating.

Bitcoin’s current testing of a critical inflection zone suggests cautious yet constructive market conditions. With improving momentum and stabilizing flows, there is potential for a local bottom to form around the $100,000 mark. This range, extending to $108,000, could serve as a mid-term support base, although the broader macro downtrend in profitability continues to anchor sentiment and limit upside potential.

For further insights and details on the current market conditions, visit the original report by Glassnode through this link.

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