Bitcoin had fallen about 11% from its September high of $87,100 by November 3, closing just below Glassnode’s True Market Mean of roughly $77,700 after an intraday low of $76,100.

Glassnode said a daily close above $85,000 could turn the $84,000–$85,000 resistance band into support, while sustained trading below the $73,000–$76,000 support zone would point to an extended period of consolidation.

The pullback came amid nearly $1 billion in net outflows from US spot Bitcoin ETFs over the two weeks through November 2; Glassnode described the market as crypto-native investors repositioning, with little fresh capital coming from traditional investors.

Glassnode also recorded a roughly 3% Bitcoin dip in the days after the October 29 Binance hack, which Binance said involved $6.3 billion in affected assets.

Meanwhile, altcoin trading surged in September to nearly four times Bitcoin’s volume, a spike Glassnode described as speculative froth that coincided with a local market top; by late October, the ratio had eased to about three times.

Glassnode noted that similar altcoin-volume spikes have often come before local Bitcoin tops, including a September 2025 surge ahead of Bitcoin’s October 2025 market top, but cautioned that the pattern may not repeat.

The Altcoin Season Index was at a neutral 51 on October 27, between its Bitcoin-season threshold of 25 and altcoin-season threshold of 75.

Signs of pressure among recent buyers also intensified: Glassnode defines them as short-term holders whose coins were purchased within the past 155 days, and the share of more than 300 tracked tokens where these buyers were selling at a profit fell from about 80% in late September to roughly 12% by the end of October, with typical recent buyers selling at a small loss.