Bitcoin price is staging a steady recovery after the sharp crash on Friday that pulled it from $122,000 to $102,000 at its lowest point.
The rebound, however, has been driven not by leveraged traders but by spot holders showing remarkable resilience amid volatile conditions.
Bitcoin Holders Show Restraint
Despite the steep market decline, Bitcoin investors have shown strong conviction. Data from exchange net positions reveals that in the last three days, while BTC tumbled, only about 6,000 BTC—worth approximately $688 million—flowed into exchanges. This limited inflow indicates minimal selling activity from holders, even as volatility surged.
While many futures traders faced liquidations during the crash, spot investors held firm. Their decision to maintain positions rather than sell at a loss has acted as a stabilizing force, preventing a sharper downturn.
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Bitcoin Exchange Net Position Change. Source: Glassnode
The broader momentum in the market remains cautious. The Bitcoin Long/Short Bias chart, which measures the aggregate net positions of major BTC traders on Hyperliquid, showed a sharp increase in net shorts beginning October 6, days before the crash. This early shift signaled growing bearish sentiment among institutional traders.
Although some of these positions have since been reduced, the chart remains notably negative. This suggests that while recovery is underway, market sentiment has not fully shifted toward optimism.
Bitcoin Long/Short Bias. Source: Glassnode
BTC Price Is Attempting Recovery
Bitcoin is currently trading around $114,553, just below the critical $115,000 resistance level. It briefly surpassed this mark during the intra-day high but failed to maintain momentum, indicating ongoing selling pressure near this threshold.
In the short term, Bitcoin’s outlook remains cautiously bullish, supported by strong holder sentiment. A successful reclaim of $115,000 could pave the way toward $117,261 and eventually $120,000. However, a full recovery would require a sustained push back to $122,000.
Bitcoin Price Analysis. Source: TradingView
But if the bearish pressure from traders outweighs investor restraint, Bitcoin could slip below $112,500. This could result in the crypto king testing the $110,000 support level and invalidating the bullish outlook.
