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After a sharp decline earlier this month, Bitcoin's price action has now begun to show early indications of stability. With renewed spot demand close to the $100,000 psychological level, where buyers have continuously reappeared, the market is currently leaning neutral-to-slightly bullish.
Lack of liquidity
However, even with the improved sentiment and pulled asks above the current price, Coinbase Premium remains a missing component that limits any explosive upside potential. For background, Coinbase Premium calculates the difference in price between Bitcoin that is traded on Coinbase and offshore marketplaces such as Binance.
The lack of liquidity on the market is a consequence of the government shutdown, the impasse in regulations and the lack of institutional activity in the early sessions of November. Despite persistent passive buying during the Asia session, BTC is still unable to break above its short-term moving averages (roughly $108,000-$111,000) without that flow.
Bitcoin not in balance
Technically speaking, the price structure of Bitcoin is still dangerously balanced. The 200-day EMA on the chart is where Bitcoin is currently sitting close to $108,000. Following a breakdown last week, it has turned into resistance. The $100,000 area below serves as a technical and psychological magnet; it has previously sparked a number of notable recoveries in 2024.
Volume spikes show that buyers are continuously intervening to counteract sell pressure, confirming that this level is being defended. Perpetuals, or perps, reflect this cautious optimism as well. The low funding rates and continued preference for short positions indicate that the market is hedged but not bearish.
To put it another way, the setup is coiled for an abrupt expansion — but without the U.S. The breakout spark is still absent despite the return of demand, as evidenced by an increase in Coinbase Premium.
The conclusion is that there will be volatility on Bitcoin. Upgraded U.S. spot interest may be the precise element that rekindles momentum and drives Bitcoin back toward $115,000 and higher. The price remains rangebound until the American bid comes back.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team