Bitcoin Approaches Local Bottom Amid Market Recovery Signs
- Bitcoin (BTC) fell below $109,000, bottoming at $108,717 on Bitstamp.
- Over the past day, long liquidations in the crypto market totaled approximately $700 million.
- The Coinbase Premium Index turned positive, indicating a potential recovery in US demand for Bitcoin.
- US spot Bitcoin exchange-traded funds (ETFs) saw positive flows of nearly $220 million on Monday.
- Traders anticipate a possible bounceback despite fears of retesting support levels around $100,000.
The recent volatility in Bitcoin prices has led to significant liquidations and a cautious outlook among traders. However, the positive shift in the Coinbase Premium Index suggests an uptick in demand that could support price recovery efforts.
With BTC currently consolidating around $110,000 and ETF inflows showing resilience at nearly $220 million, market participants remain hopeful for a rebound from recent lows.(Source)
