Bitcoin Slips Below STH Cost Basis, Faces $95K-$97K Resistance as Spot Demand Weakens and Market Structure Recovery Hangs in the Balance

COINOTAG News reports that Glassnode’s latest weekly market observation shows Bitcoin slipping below the short-term holder cost basis and the -1 STD band, pressuring recent entrants. The $95,000–$97,000 zone now acts as a key resistance, and reclaiming it would signal an early step toward market structure recovery.

Meanwhile, spot demand remains soft as US spot ETF fund flows stay negative, and TradFi allocators add little buying pressure. The backdrop weighs on the bid.

On the derivatives front, open interest across the top 500 futures has cooled, and funding rates sit at a cyclical low. The options market has repriced risk, with implied volatility rising across tenors while skew remains subdued, signaling demand for downside protection amid thinning leverage. Taken together, these factors reinforce a mild bearish tilt, with a bounce in demand near key cost levels needed to defend structural support.