Bitcoin recently pulled back after hitting an all-time high of $98,800, but then rebounded again. There are signs that the market is still bullish on Bitcoin.
After hitting an all-time high of $98,800 on November 25, Bitcoin experienced a significant correction, falling to as low as $90,800 on Wednesday (27).
Just when the market expected that Bitcoin might fall below the 90,000 mark and then rebound, yesterday (28) Bitcoin rebounded to 97,200 US dollars. At the time of writing, it was reported at 95,482 US dollars. It continued to fluctuate and defend the 95,000 level. It fell slightly by 0.68% in the past 24 hours.
After Ethereum reached a high of $3,680 yesterday, it continued to fluctuate between $3,500 and $3,600 in the past 24 hours. It was reported at $3,564 at press time, down 1.6% in the past 24 hours.
$90,000 may be the bottom of Bitcoin
As November is coming to an end, the market's celebration of Trump's victory seems to be gradually digested. As for the market situation of Bitcoin, (Cointelegraph) reported on the 28th that there are currently three major signs that may indicate that $90,000 has formed the stage bottom of Bitcoin.
1. Coinbase Bitcoin Premium
The Coinbase Bitcoin premium refers to the premium of the Bitcoin price denominated in US dollars on the US-listed exchange Coinbase relative to the Bitcoin price on other exchanges such as Binance. The recent decline of Bitcoin from $98,800 to $90,800 was accompanied by a decline in the Coinbase premium.
However, at present, the Coinbase Bitcoin premium has risen again, which also indicates that the market (especially the United States) demand for Bitcoin has increased again.
Coinbase Bitcoin Premium
2. Bitcoin spot ETF turns to net inflow
According to Sosovalue data, during the correction period on November 25 and 26, the US Bitcoin spot ETF also showed a net outflow of funds, with a total amount of up to US$560 million. However, on November 27, the Bitcoin spot ETF saw a net inflow of funds again.
3. Exchange Bitcoin balance hits new low
Finally, according to CryptoQant data, the Bitcoin balance on centralized exchanges has once again hit a record low, which usually means that investors are more willing to transfer Bitcoin to cold wallets for long-term holding and are bullish on the market.
Kaiko: ETF options show the latest bullish signal
Kaiko, a cryptocurrency data provider, also released a report saying that Bitcoin ETF options showed the latest bullish signal. Kaiko explained that last week, several Bitcoin ETF options were listed, and BlackRock IBIT options alone reached a nominal trading volume of $1.9 billion on the first day, while the first Bitcoin ETF (Bitcoin Strategy ETF, BITO) listed in 2021 had a trading volume of only $360 million at launch, which shows the market's strong demand and bullish sentiment for Bitcoin and its derivatives.
In addition, on the first day of trading of IBIT options, 80% of them were call options. Kaiko pointed out:
The launch of Bitcoin spot ETF options will continue to accelerate institutional adoption of Bitcoin. These tools allow investors to hedge risks and develop complex trading strategies to profit from Bitcoin fluctuations, and a new round of capital and experienced institutions will rush into the market.
Bitcoin Whales Accumulate 10,000 BTC During Pullback
Finally, according to on-chain data analyst @ali_charts, during the recent downward correction of Bitcoin from US$99,000 to US$90,000, Bitcoin whales once again accumulated more than 10,000 Bitcoins, which shows that whales seem to think that the current price has not yet reached a stage high.
