According to Glassnode, BTC currently trades below all short-term holder realized price bands while remaining above deeper realized levels, placing price action in a no-man’s-land between these on-chain thresholds. Source: Glassnode on X, Nov 25, 2025, glassno.de/4rlNr2Y. A decisive reclaim of the short-term holder realized price bands would be the first meaningful sign of structural recovery to monitor for trend confirmation and risk management. Source: Glassnode on X, Nov 25, 2025, glassno.de/4rlNr2Y. Until those bands are regained, conditions imply an indecisive range with overhead resistance from short-term cost bases and support near deeper realized cohorts. Source: Glassnode on X, Nov 25, 2025, glassno.de/4rlNr2Y.