Bought the Dip? Here Are 3 Signs That the $90K Bitcoin Price Was the Local Bottom

Bitcoin’s Rebound: Has it Found Support at $90,000?

The latest rebound of Bitcoin from the November 26 local low of $90,742 has seen it reclaim the $95,000 mark. The recovery has not been limited to Bitcoin alone, as the broader cryptocurrency market has also seen a rise in total market valuation, increasing by 7.3% between November 26 and 28 to $3.32 trillion.

Market Participants Search for Clues

Market participants are now looking for clues as to whether Bitcoin (BTC) has found support at $90,000 before continuing its march toward $100,000.

Coinbase Premium Index: BTC Demand Returns

Bitcoin’s recent drop from the new all-time high of $99,655 reached on November 22 to a weekly low of $90,742 on November 26 may be attributed to a decrease in demand from the United States. This was evident by a sharp drop in the Coinbase Premium Index over that period.

The Coinbase Premium Index measures the difference in pricing between the BTC/USD pair on the largest US exchange, Coinbase, and Binance’s BTC/USDT equivalent.

Coinbase Premium Index Chart

| Date | Value |
| — | — |
| June 26 | -0.0387 |
| Current Value | 0.091 |

A rising Coinbase premium is a proxy for increasing demand from US retail investors.

"’Bitcoin demand growth is accelerating again after the recent price correction,’ Julio Moreno, head of research at onchain analytics platform CryptoQuant, said in a November 27 post on X."

Moreno shared a chart showing Bitcoin’s apparent demand continuing to rise within the expansion territory, signaling that new investors were entering the market.

"Demand Expansion is What Will Get Bitcoin Higher."

Bitcoin Apparent Demand

| Date | Value |
| — | — |
| June 26 | -0.0387 |
| Current Value | 0.091 |

Source: CryptoQuant

The chart shows that Bitcoin’s apparent demand has continued to rise, with the 30-day sum showing a significant increase.

Spot Bitcoin ETF Inflows Flip Positive

Bitcoin’s ongoing recovery aligns with renewed inflows for US-based spot Bitcoin exchange-traded funds (ETFs) as they flipped positive on November 26.

The US spot Bitcoin ETFs returned a daily net inflow of $103 million on November 26, ending a two-day streak of net outflows totaling $558 million.

Bitcoin ETF Flows Table

| Date | Value |
| — | — |
| November 15 | -558 million |
| November 16 | -558 million |
| November 26 | 103 million |

Source: Farside Investors

The table shows that the Bitwise Bitcoin ETF recorded the largest inflow of $48 million on the day, with BlackRock’s IBIT recording no flows for the first time since November 15.

US Spot Bitcoin ETFs Attract Roughly $30.3 Billion in Cumulative Net Inflows

To date, US spot Bitcoin ETFs have attracted roughly $30.3 billion in cumulative net inflows.

Institutional Investors Increase Exposure to Digital Assets

Additional data shows that institutional investors increased their exposure to digital assets. Bitcoin investment products saw inflows of $3.07 billion, making up more than 98% of the total inflows during the week ending November 22.

Flows by Asset

| Date | Value |
| — | — |
| Week Ending November 15 | -2.1 million |
| Week Ending November 22 | 3.07 billion |

Source: CoinShares

This points to a renewed appetite for Bitcoin investment products from institutions, which tends to be a positive catalyst for the BTC price moving forward.

Related: Bitcoin Demands $95K Reclaim as Six-Figure BTC Price Calls Return

Bitcoin Balance on Exchanges Falls to 6-Year Lows

The BTC balance on exchanges continued to drop despite Bitcoin’s rise toward $100,000 when all of the investors were in profit, data from CryptoQant shows.

The amount of Bitcoin on exchanges has continued to fall in November below 2.4 million BTC, the lowest level since November 2018.

BTC Reserve on Exchanges

| Date | Value |
| — | — |
| November 26 | 2,343,191 |
| Current Value | 2,330,121 |

Source: CryptoQuant

Decreasing BTC balances on exchanges suggests that less supply is available for potential selling as investors move funds elsewhere, such as self-custody wallets.

Important Note

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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