After a sharp decline earlier this month, Bitcoin’s price action has begun to show early signs of stability. Renewed spot demand is gathering near the $100,000 psychological level, where buyers have consistently stepped in. As a result, the market sentiment currently leans neutral to slightly bullish.
### Lack of Liquidity Limits Upside Potential
Despite the improved sentiment and the pulling up of asks above the current price, a key factor constraining any explosive upside is the absence of a positive Coinbase Premium. For context, the Coinbase Premium measures the price difference between Bitcoin traded on Coinbase and offshore marketplaces such as Binance.
The ongoing lack of liquidity in the market stems from several issues: the government shutdown, regulatory deadlock, and subdued institutional activity during the early trading sessions of November. Although persistent passive buying continues during the Asian session, BTC has yet to break above its short-term moving averages—roughly between $108,000 and $111,000—without stronger flow, particularly from U.S. buyers.
### Bitcoin’s Price Structure Remains Unsteady
From a technical perspective, Bitcoin’s price structure is still precariously balanced. Currently hovering near the 200-day exponential moving average (EMA) at about $108,000, this level has recently shifted from support to resistance following last week’s breakdown.
Meanwhile, the $100,000 area below serves as both a technical and psychological anchor. This level has historically sparked several notable recoveries throughout 2024. Volume spikes indicate that buyers are actively intervening to counter sell pressure, reinforcing the defense of this critical zone.
### Market Sentiment and Positioning
Perpetual swaps (perps) mirror this cautious optimism. Low funding rates and a persistent preference for short positions suggest that the market remains hedged, rather than outright bearish. In other words, the setup is tightly wound, ready for a sharp move—but the catalyst for a breakout is still missing.
### The Missing Spark: U.S. Spot Demand
Although demand has returned, the lack of an uptick in Coinbase Premium highlights the absence of strong U.S. spot interest. This element is essential to rekindling upward momentum and potentially driving Bitcoin toward the $115,000 mark and beyond.
For now, Bitcoin’s price remains rangebound, awaiting the return of the American bid to ignite the next significant move.
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In summary, while Bitcoin shows early signs of stabilization near key levels, lingering liquidity challenges and subdued U.S. demand continue to cap its upside potential. Traders should prepare for volatility and watch closely for renewed U.S. spot interest as the likely trigger for the next bullish phase.
https://bitcoinethereumnews.com/bitcoin/bitcoin-btc-needs-us-investors-right-now/
