**Bitcoin’s Rebound: What Triggered It and What’s Next for BTC?**
Bitcoin has reclaimed the $90,000 region after plunging to its lowest levels since April on November 20th. This brief slide sent the Fear and Greed Index tumbling to 12—an area synonymous with panic selling and heavy liquidations. Despite this spike in fear, the aftermath may be constructive for Bitcoin’s [BTC] outlook and could set the pace for another rally.
—
**Leverage Resets After Major Shakeout**
Bitcoin recently experienced a market washout, which helped rebalance the market after an extended period of over-leveraging by traders. According to CryptoQuant, this resulted in one of the most significant open interest shakeouts of the current cycle. Open Interest, which tracks the total outstanding contracts in the market, plunged sharply from $45 billion to $28 billion as traders closed positions. This liquidation wave helped clear overstretched longs and reset market positioning.
On top of this, CryptoQuant’s Taker Buy/Sell Ratio printed 1.06—showing that buy-side volume still dominated after the washout. This supports a near-term rebound narrative.
—
**Bitcoin ETF Flows Turn Positive Again**
Recent trends in U.S. Spot Bitcoin exchange-traded funds (ETFs) add positive momentum to Bitcoin’s recovery. After a long stretch of outflows, ETFs began to register renewed inflows. Between November 12th and 20th, there was $3.16 billion in selling with only $75.4 million in net buying on November 19th, leaving a $3.09 billion net outflow.
Contrast that with the period starting on November 21st: CoinGlass data reported $151 million in fresh ETF inflows. The last time such extended outflows were followed by strong inflows was in September 2024. Back then, Bitcoin rallied from about $53,900 to $106,000 for the first time in history by December.
Macroeconomic and political factors are also influencing sentiment, especially after pro-crypto Trump’s U.S. election victory. Farzam Ehsani, CEO of VALR, told AMBCrypto, “The broad-based inflows into U.S. spot ETFs on Tuesday may represent an early signal that institutional liquidity is re-entering the digital asset market after weeks of aggressive de-risking.”
Ehsani added that macro sentiment could continue supporting Bitcoin, especially as sovereign funds—including the Czech National Bank and Luxembourg’s sovereign wealth fund—have publicly disclosed exposure to Bitcoin ETFs.
—
**Retail Selling Remains a Drag**
While institutional interest appears to be picking up, retail investors have yet to stop selling. At the time of writing, CoinGlass data showed $373.6 million in retail spot selling, indicating ongoing caution despite the market bounce. Short-term holders (STHs)—typically holding assets for less than 155 days—also continue to exit positions.
AMBCrypto’s analysis of the Short-Term Holder Spent Output Profit Ratio (STH-SOPR) reveals a positive reading of 1.066, which suggests short-term holders are selling at a profit. Profit-taking typically reflects bullish market conditions and supports the view that Bitcoin has further upside potential.
If retail selling cools off and institutional inflows persist, Bitcoin could attempt another move toward the $100,000 mark.
—
**Conclusion**
At press time, Bitcoin traded near $91,450. Renewed ETF inflows and waning retail selling may guide BTC toward the highly anticipated $100K region in upcoming sessions—especially as market leverage normalizes and institutional demand strengthens.
https://bitcoinethereumnews.com/bitcoin/bitcoin-rally-post-washout-conditions-look-bullish-unless/
