Overview
- Bitcoin trades near $107,600 after a 24-hour pullback, holding in a compressed $106,000–$116,000 band with key levels at roughly $107,000 support and $114,000–$116,000 resistance.
- Spot Bitcoin ETFs saw sizable redemptions last week, with reported outflows ranging from about $607 million to $1.15 billion following the Fed’s cut and guidance that a December cut is not assured.
- Technical gauges have softened, including a reported daily death cross and price sitting below key moving averages, while options show elevated put skew and roughly $155 million in crypto liquidations cleared leverage over the past day.
- Exchange and microstructure data point to fading buy-side strength, with Binance reserves rising and a decline in cumulative volume delta suggesting weaker real demand from large traders.
- On-chain metrics present a mixed but potentially supportive backdrop, with futures open interest lower, SOPR hovering near 1.0, and ERC‑20 stablecoin supply at a record near $158.8 billion that some analysts view as sidelined liquidity.