Summary
- Bitcoin retreated to the $75,000-$76,000 range after reclaiming $80,000, with a recovery in spot buying seen as the key variable.
- The analyst said some positive on-chain signals emerged, including a net outflow of 11,003 BTC from exchanges and a turn to positive in the 60-day cumulative metric for wallets holding more than 10,000 BTC.
- At the same time, small Bitcoin inflows into Binance, weak spot ETF fund flows, and stablecoin liquidity that has yet to recover suggest short-term selling pressure remains in place, making the $73,000-$76,000 support range a key level to watch.
Bitcoin fell back to the $75,000-$76,000 range after briefly reclaiming the $80,000 level, with the recovery in spot buying emerging as a key variable for the market, according to an analysis.
XWIN Japan said in a CryptoQuant Quicktake on November 6 that Bitcoin's rebound had lost momentum as U.S. technology and artificial intelligence-related stocks weakened.
While positioning in the futures market improved temporarily, spot buying has not recovered enough to support a sustained advance.
Some positive on-chain signals also emerged. About 11,003 BTC left exchanges on November 5, and the 60-day cumulative metric for wallets holding more than 10,000 BTC turned positive.
At the same time, inflows of small Bitcoin deposits into Binance rose sharply, suggesting selling pressure from short-term holders may still be in place. Weekly spot exchange-traded fund flows also remained weak, and stablecoin liquidity has yet to recover.
The analyst said it will be important to see whether Bitcoin can hold the $73,000-$76,000 support range. A sustained rebound will require a recovery in spot demand, ETF inflows and stablecoin liquidity.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.