Recent data from Glassnode indicates that the Bitcoin market is showing signs of stabilization after a significant downturn in October. Bitcoin rebounded to $106,000, indicating reduced selling pressure. Futures open interest has decreased, suggesting deleveraging and easing speculative leverage. Increased on-chain activity suggests potential accumulation phase. 2025’s Glassnode Market Pulse report offers insight into the market trends, with the analysis showing a cautiously optimistic outlook. While short-term holders remain under stress, rising transfer volumes and stable network utilization signal renewed capital movement. The combination of these factors points to Bitcoin forming a mid-term base around $100,000-$108,000. This is due to the defensive stance in derivatives markets, with elevated options skew and narrowing volatility spread suggesting fading fear. Despite ongoing macro downtrends, this potential reversal suggests that traders should watch for an upside break above $111,000-$116,000 for the next bullish wave.