CryptoQuant reports that Bitcoin rebounded to $80,000 before falling back to the $75,000-$76,000 range, primarily due to a sell-off in US tech and AI stocks. While futures market positioning has improved, spot buying has not yet recovered.
On November 5th, approximately 11,000 BTC flowed out of exchanges. The 60-day cumulative increase in holdings for wallets holding more than 10,000 BTC turned positive, but retail BTC inflows into Binance increased, putting selling pressure on short-term holders. Furthermore, Bitcoin ETF fund flows and stablecoin liquidity remained weak.
Bitcoin needs new buying to sustain its rebound. The key levels to watch are the $73,000 to $76,000 support range, as well as changes in spot demand, ETF flows, and stablecoin liquidity.
