Key Points:
Bitcoin is “closing” to the next local bottom after a trip below $109,000.
The positive Coinbase premium will return, raising hopes for a recovery in the US demand.
The ETF flow will close positive on Monday with a surprising comeback despite the downside of BTC’s price.
Bitcoin (BTC) merged around $110,000 at Wall Street Open Tuesday amid signs of a recovery in the crypto market.
Coinbase Premium Rebound follows a $700 million liquidation
Cointelegraph Markets Pro and TradingView data showed volatility cooling in BTC prices after new losses.
These have resulted in a wave of more than $700 million liquidation over the 24 hours leading up to writing for each Coinglass data.
BTC/USD bottomed at $108,717 with bit stamps.
Amid a fear of a $100,000 support retest or worse, some market participants saw reasons for optimism.
“BTC is now approaching the bottom,” popular trader Bitbull wrote in part of his latest X analysis.
“There’s still a chance of retesting at the $100,000 to $100,000 level, but for now there’s a bounceback.”
Bitbull referenced the encouraged signal from the US that the Coinbase Premium Index re-entered the positive territory on Tuesday.
The index measures the difference in BTC prices between the Coinbase BTC/USD and Binance BTC/USDT pairs, and, in the case of green, means strengthening US market demand.
“Coinbase Bitcoin Premium was hilarious at the bottom, and the long liquidation was huge. This shows that the biggest pain is here and a short rallies are expected,” concluded Bitbull.
Others were hoping for a rebound. fellow trader Mr. Crypto saw the next short narrowing, thanks to a massive accumulation of over $115,000 in exchange orders.
Analyst: “Uncanny” Q2 Rerun’s Bitcoin
Elsewhere, Cas Abbe, a contributor to the Onchain Analytics Platform Cryptoquant, suggests that current price action is indeed familiar.
Related: Bitcoin drops below $109,000: How low will BTC price be?
Bitcoin behaved similarly during the June retracement, when BTC/USD fell to around $98,000 after reaching an all-time high of $112,000, he said.
“The BTC chart, similar to the Q2 2025 Fractal, is creepy. A similar low drop and surrender forced everything to think ‘it’s over’,” he commented that day.
The accompanying chart highlighted similarities.
Previous price cuts and generally added a systemic flow to sour sentiment, with analytical resource Eco-Inometrics turning its attention to US Spot Bitcoin Exchange Sales Funds (ETFs).
“The macro uncertainty over the past few weeks has been reflected directly in the flow,” he concluded, adding that ETF outflows are “low Bitcoin.”
Nevertheless, the ETF achieved a positive trend of just under $220 million on Monday, with each data from UK-based investment firm Farside Investors.
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
