Why Bitcoin’s push toward six figures might snap back on the bears.
The last week of November feels like a breather for the market.
After three straight red weeklies that wiped $970 billion off total crypto market cap, this week alone, the market is up 5%+, with $160 billion in inflows, potentially marking the first green weekly close of this month.
Notably, Bitcoin [BTC] accounts for 62% of the inflows, while the Altcoin Season Index has dropped to mid-July levels. With flows clearly BTC-led, the Bitcoin price prediction looks bullish heading into December.
That said, a full bull run isn’t confirmed until BTC breaks key resistance.
Glassnode data reveals four major supply clusters that could hinder Bitcoin’s path to a new all‑time high. These clusters represent price zones where long-term holders (HODLers) are most likely to sell at a break-even point.
For momentum to continue, the broader macro environment must remain supportive; otherwise, investor FOMO could quickly fade. Encouragingly, the Fear and Greed Index has risen by 8 points this week, shifting sentiment from extreme fear to moderate fear.
Meanwhile, on-chain metrics are rebounding, signaling a less risky trading environment. Together, the micro and macro reset points to a strong accumulation phase, with a potential bear trap acting as a gateway to breaking resistance.
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