Bitcoin rebounds $1,500 from its intraday low: who keeps buying near $77K

Bitcoin staged another sharp intraday recovery on Wednesday, rebounding more than $1,500 after sliding towards $77,600 as investors digested surging oil prices and uncertainty over US interest rates.

$BTC traded as low as roughly $77,638 before recovering above $79,000 during the Asian session. Brent crude was approaching $100 a barrel, while markets were also preparing for US inflation data and next week’s Federal Reserve decision.

The bounce adds to a pattern developing around the upper-$77,000 area. Sellers can push Bitcoin lower, but buyers have repeatedly appeared before declines accelerate.

The buyers near $77K look different

The first clue is in how the rebound is being funded. Bitfinex’s trading desk told CoinDesk that Bitcoin was in a “market driven by spot buying”, while identifying roughly $77,100 as support.

Futures open interest had been rising gradually rather than surging, and the futures basis remained relatively restrained.

That matters because a rally built mainly on leveraged futures positions can unwind quickly when prices fall and liquidations begin.

Spot buyers purchasing Bitcoin outright provide a potentially more durable source of demand.

That distinction is especially important in a market still carrying memories of sharp liquidation-driven reversals during earlier bouts of macroeconomic stress this year.