According to Glassnode, Bitcoin remains in a structurally fragile phase, trading in a tight range after losing key cost-basis support. BTC has stayed below the short-term holder cost basis near $104,600 since early October — a clear signal of weak demand and low liquidity.
Price continues to compress between $81,000–$89,000, a structure that closely mirrors the post-ATH consolidation phase from early 2022. That period was marked by fading momentum and weakening inflows.
On-chain data shows rising loss realization, suggesting the market is searching for liquidity as investors increasingly exit positions under pressure.
Until BTC reclaims key levels that attract fresh capital, the market remains vulnerable to further volatility.
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