Trading Desk Insights
Bitcoin is steady after last week’s $1 trillion flush took price from $120,000 into the $80,000 range. The selloff cleared out leverage and forced short term holders to capitulate, which normally lines up with local bottoms rather than deeper downside. Over the last day, BTC has held a tight range between $90,000 and $92,000. The bounce to $91,000 stalled because spot activity has not returned yet, with onchain transfer volume still down about 20 percent week over week.
The next real test sits between $92,000 and $95,000, where a large cluster of prior buyers is waiting. Clearing that opens the path back toward the $100,000 to $108,000 zone. Support remains centered around $83,000 to $85,000, which is where demand needs to hold to lock in a final bottom.
ETH’s move has been lighter. Fees keep drifting lower and total value locked has not recovered from the October washout, which is why ETH continues to stall under $4,000. Macro remains the swing variable as layoffs rise and spending cools, keeping risk assets cautious but also setting the stage for more supportive policy if conditions soften further.
One thing to watch is spot participation across US trading hours. Liquidity has been thinner during the morning session compared to earlier in the month, and most of the buying interest has been coming from Asia and Europe. A reset in US spot flows would signal that traders are willing to step back in, which historically has aligned with the early stages of stronger recoveries.
Crypto Charts
ETF Flow
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
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