Glassnode has recorded the first signs of Bitcoin's recovery after the October crash.
After a sharp decline in late October, the Bitcoin (BTC) price has stabilized, showing signs of forming a local bottom. According to Glassnode, the rise to $106,000 indicates a return of buyers and a recovery of momentum after the oversold phase.
Increased activity in the spot market
Analysts note that the relative strength index (RSI) has recovered from below 30, signaling a reduction in selling pressure. This coincides with an improvement in cumulative delta volume, a metric that reflects the balance between buying and selling.
According to experts, the market is gradually moving towards a two-way movement rather than one-way sell-offs.
“Spot market trading remains active, with volumes remaining at local highs. This indicates sustained participation by major players and the potential for increased volatility should resistance in the $111,000–$116,000 range be broken,” Glassnode said in its report.
Spot trading activity is on the rise. Source: Glassnode.
Meanwhile, open interest in futures continues to decline moderately, indicating a reduction in leverage risk and the departure of speculators.
Futures open interest declines. Source: Glassnode.
Analysts note that the derivatives market has entered a balanced state: traders are maintaining defensive positions, but without panic.
On the topic: CEX spot trading volume rose 36% in October despite a prolonged correction
What can give new impetus
The share of unrealized profits and losses among short-term investors fell, reflecting pressure on speculative positions.
According to the report, such periods traditionally present opportunities for long-term buyers who buy assets from tired participants.
The market is in a state of cautious equilibrium. Positive signals are coming from volume, momentum, and on-chain activity, increasing the likelihood of a stable base forming in the $100,000–$108,000 range.
“However, the overall backdrop remains subdued: declining profitability and macroeconomic pressures continue to limit investor confidence in continued growth,” analysts note.
Related: Bitcoin's rise after the US shutdown doesn't guarantee a reversal — 10x Research
This article does not contain investment advice or recommendations. Every investment and trading decision involves risk, and readers should conduct their own research before making decisions.
Source: cryptonews.net
