Bitcoin shows bottoming signs despite recent macro pressures

• Bitcoin trades above $82,000 as macro pressures weigh on spot sentiment despite improving derivatives conditions.
• CryptoQuant's contributor pointed to low exchange reserves, recovering apparent demand and whale holdings near 3 million BTC as potential bottoming signals.
• Bitcoin spot ETF inflows and stronger US demand remain key to establish price bottom.

Bitcoin (BTC) remained range-bound above $82,000 on Monday as upcoming US economic data and onchain indicators weigh on market sentiment.

Bitcoin holds above $82,000 as traders await inflation data

Crypto trading firm QCP Group stated in its Monday report that Bitcoin has maintained a firmer footing a year after the market’s largest single-day liquidation event.

The report noted that the feared repeat of last year’s October 10 sell-off did not materialize despite renewed concerns over sizable BTC transfers by the US government and reports of several Ledger wallet compromises over the weekend.

Despite that, QCP noted that spot market performance has yet to match expectations for a strong October rally, but derivatives indicators suggest traders are positioning for a potential breakout.

The report highlighted a sizable $90,000/$95,000/$100,000 October 30 call butterfly, which represents one of the largest concentrations of open interest for the end of the month.