Glassnode: Bitcoin Breaks Key Level, Mild Bear Market Expectations Strengthen

Glassnode published a weekly market observation article. The article points out that Bitcoin has fallen below the STH cost basis and the -1 STD range, putting pressure on recent buyers; the $95K-$97K area has now become a key resistance level, and reclaiming this area would mark an early step in the recovery of market structure.

On the other hand, spot demand remains weak, with significant negative inflows into US spot ETFs, and TradFi asset allocators have not increased any buying. Speculative leverage continues to decline, reflected in the decrease of open interest in the top 500 assets' futures and financing rates dropping to cyclical lows. The options market has significantly repriced risk, with implied volatility rising across various maturities, and skew remaining very low as traders pay high premiums for downside risk protection.

This deeper decline continues the mild bearish trend emphasized last week and raises doubts about the potential re-emergence of structural support. All these factors together create a market seeking stability, with its future direction depending on whether demand can reappear near key cost levels or if the current fragility will evolve into a deeper correction or bear market.