Bitcoin is ‘Stuck in Consolidation Limbo’, Not Ready For a Bullish Reversal, Says Glassnode

Bitcoin (BTC) is consolidating within a mild bearish phase, trading between $97,000 and $111,900. The resistance stands near $116,000 “marked by top-buyers’ supply cluster,” according to the latest report by the blockchain data provider Glassnode.Notably, significant factors like ETF outflows, low leverage, and persistent put demand portray a highly cautious market that’s currently waiting for “renewed conviction.”Market in a State of ConsolidationBitcoin has dipped below $100,000 in the seven-day timeframe. While brief, the slip proved a continuation of the broader downtrend that began in early October.It pushed the market into what the report calls “a mild bearish regime.” Prices are trading beneath the short-term holder cost basis.Moreover, “a range suffering from the lack of conviction and low liquidity has been confirmed.” This range consists of strong resistance between $106,000 and $118,000 on the one hand, and key structural support near $97,500 and $100,000 on the other. Stuck in Limbo#Bitcoin consolidates above $100k, with support near $100K and resistance at $106K. ETF outflows, low leverage, and strong put demand highlight a cautious market still searching for conviction.Read the full Week On-Chain belowhttps://t.co/t10bavA6dM pic.twitter.com/JmByEAqRBK— glassnode (@glassnode) November 12, 2025 Looking deeper, on-chain data showed a brief accumulation near $100,000, suggesting localized support. Yet, if there is no decisive reclaim of the short-term holders’ cost basis at $111,900, the “upside momentum is likely to stay constrained.”Similarly, off-chain indicators signal caution as well. There are several key factors suggesting subdued speculative engagement. These include the US spot exchange-traded funds (ETF) outflows, muted funding rates, and low open interest point. Options traders still prefer downside protection around $100,000.When it comes to the ETFs, “a decisive return of inflows would signal renewed institutional confidence, while prolonged outflows could reinforce a more defensive market tone,” says the report.The analysts conclude that, “Overall, both on-chain and off-chain signals portray a market in a state of consolidation, stabilizing yet not yet ready to confirm a bullish reversal. Until renewed inflows or a clear macro catalyst emerge, Bitcoin appears bound to oscillate within this $97K–$111.9K corridor, with $100K remaining the psychological line of defence.” Source: GlassnodeMeanwhile, the recent drawdown is similar to earlier contraction phases when prices moved within a defined lower range before recovery. “Unless Bitcoin reclaims the short-term holder cost basis (~$111.9K) as support, the probability of revisiting the lower bound of this range remains elevated.” You may also like: When Washington Shuts Down, Crypto Keeps Building: ETF Approvals Set to Resume Bitcoin’s momentum has weakened sharply, and the market has slipped into one of its most bearish phases of the year, according to the latest CryptoQuant weekly report. Sentiment has deteriorated quickly as Bitcoin hovers dangerously close to the $100,000 level. The shift began after the October 10 “Big Liquidation” event, which drained upward momentum and pushed several key indicators into bearish territory. Spot demand contracted earlier in October, while growth in stablecoin... A Critical BattlegroundReclaiming the above-mentioned short-term holder cost basis is a crucial prerequisite for “any sustainable shift toward recovery.”At this point, “the sub-$100K zone has emerged as a critical battleground where seller exhaustion is beginning to take shape,” Glassnode noted. “Much of the downward pressure stems from top buyers among short-term holders, who have been realizing heavy losses during the decline.”When BTC tested $98,000, over 80% of realized value came from coins sold at a loss. For a brief moment, this capitulation intensity surpassed the last three major washouts of this cycle. This highlights “how top-heavy the market has become and how pivotal the $100K level remains for near-term stability.”Meanwhile, the Realized Profit of Short-Term Holders has been weak since June 2025. This shows a lack of fresh inflows. It needs stronger demand from new market entrants and renewed conviction if BTC is to push through the $106,000–$118,000 top-buyer cluster.As for volatility, it “remains supported by macroeconomic risk factors and cautious sentiment.” Yet, there is no additional expansion. This “points to consolidation rather than capitulation.”Interestingly, there is evidence that the market has adjusted to a higher baseline of uncertainty without entering a state of panic.Source: GlassnodeFinally, the Cost Basis Distribution Heatmap show a build-up of realized supply around the sub-$100,000 zone. It’s both before and after the rebound to $106,000, showing renewed accumulation by buyers absorbing capitulation flows.“This dynamic completes the picture; pairing seller exhaustion with steady accumulation, creating the foundation for a short-term recovery even within a broader bearish structure,” says Glassnode.Also, a dense supply cluster between $106,000 and $118,000 (where many investors exit to break even) capping upward momentum forms a natural resistance zone where rallies may stall. Consequently, “a sustained recovery will require renewed inflows strong enough to absorb this wave of distribution,” the report concludes. You may also like: Why Is Crypto Down Today? – November 13, 2025 The crypto market is down today again, with the cryptocurrency market capitalisation decreasing by 0.8%, now standing at $3.57 trillion. About 80 of the top 100 coins have dropped over the past 24 hours. At the same time, the total crypto trading volume is at $183 billion. Crypto Winners & Losers At the time of writing, 7 of the top 10 coins per market capitalization have seen their prices decrease over the past 24 hours. This is two less than yesterday. Bitcoin (BTC) has dropped... The post Bitcoin is ‘Stuck in Consolidation Limbo’, Not Ready For a Bullish Reversal, Says Glassnode appeared first on Cryptonews.