Bitcoin

Bitcoin (BTC) slid back toward the mid-$80,000s on December 1 after an overnight wipeout erased around $6,000 from its price on major exchanges.
The pullback has rattled overleveraged traders, but according to on-chain data from Glassnode and several market analysts, it may have carved out one of the strongest accumulation zones of the cycle.
<h2 id="november-flush-builds-dense-cost-basis-cluster-near-80k">November Flush Builds Dense Cost-Basis Cluster Near $80K</h2>
Glassnode <a href="https://x.com/glassnode/status/1995424994726441375?s=20" rel="noopener noreferrer nofollow">reported</a> that Bitcoin’s drop into the “low-$80K region” in late November created a fresh cost-basis cluster, with a thick band of units last moved around those levels now visible on its realized price heatmaps.&nbsp;The firm noted that this zone is among the densest on the current chart and could act as a support area likely to be defended by recent buyers.
That backdrop formed the foundation for today’s violent move, where, as covered by CryptoPotato, Bitcoin <a href="https://cryptopotato.com/bitcoin-plummets-by-6k-daily-as-these-altcoins-dump-by-double-digits-market-watch/" rel="noopener noreferrer nofollow">fell</a> from above $91,000 to under $86,000 within hours, helping <a href="https://cryptopotato.com/bitcoin-tumbles-toward-85k-crypto-markets-shed-close-to-200-billion/" rel="noopener noreferrer nofollow">wipe</a> close to $200 billion from total crypto market value and dragging majors like ETH below $2,900.
Derivatives data suggest the slide was driven by forced selling rather than a steady stream of spot sellers. Order-flow analyst BorisD pointed to about $250 million in net long liquidations on Binance alone, <a href="https://cryptoquant.com/insights/quicktake/692d748984244e57ffb347db-Binance-Long-Liquidations-Signal-a-Local-Bottom-Growing-Short-Positions-May-Beco" rel="noopener noreferrer nofollow">noting</a> that short positions remained largely intact and even grew as longs were wiped out.
Meanwhile, NovAnalytica <a href="https://cryptoquant.com/insights/quicktake/692d6284160b570d64bc2324-BTC-Flash-Crash-9K-Dump-to-86K-Leverage-Cleanse" rel="noopener noreferrer nofollow">flagged</a> a $700 million drop in open interest and a long-heavy positioning skew reminiscent of past capitulation lows.
<h2 id="traders-opinions-split">Traders Opinions Split</h2>
Market watchers on X remain divided on what comes next. Merlijn The Trader <a href="https://x.com/MerlijnTrader/status/1995463013441421480?s=20" rel="noopener noreferrer nofollow">argued</a> that 2025 is “mirroring 2020,” framing the November flush and weekend collapse as the painful part of a similar pattern and calling anything below $90,000 a major opportunity.
Michaël van de Poppe also <a href="https://x.com/CryptoMichNL/status/1995454580264472708?s=20" rel="noopener noreferrer nofollow">expects</a> a bottoming pattern to take time but sees Ethereum set to outperform once Bitcoin regains the $92,000 area later in the month.&nbsp;However, others are more cautious about structural flows, with Kyle Chassé <a href="https://x.com/Kylechasse/status/1995442718605201724?s=20" rel="noopener noreferrer nofollow">claiming</a> the “ETF safety net” narrative has broken, pointing to roughly 300,000 BTC sold by large holders over the past 90 days and about $2.7 billion in ETF outflows in the last 60 days.
In his view, both whales and Wall Street products have been net sellers since November, undermining the idea of ETFs as a constant buyer of last resort.&nbsp;Meanwhile, price data from CoinGecko shows BTC trading around $86,000 at the time of writing, down by about 6% on the day, and 22% over the past month.
The post <a href="https://cryptopotato.com/glassnode-late-november-dip-created-2025s-strongest-btc-buy-zone/" rel="noopener noreferrer nofollow">Glassnode: Late-November Dip Created 2025’s Strongest BTC Buy Zone</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Glassnode: Late-November Dip Created 2025’s Strongest BTC Buy Zone

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