Glassnode analysts have challenged the notion that Bitcoin has reached its bottom after its recent dip below $94,000. Traders are increasingly purchasing short- and mid-term put options with a $75,000 strike price, indicating expectations of further price declines. The options market remains bearish, with put premiums soaring to 67.6%. Bitcoin's price fell below $85,000 on November 21, 2025, amid heightened market volatility and extreme short-term panic. Analysts emphasize that both institutional and retail participation will be crucial for any potential recovery in Bitcoin's price trajectory.