Why Bitcoin May Have Formed a Bottom in November

Several indicators suggest Bitcoin may have formed a bottom in November, though it remains challenging to confirm if this is a long-term reversal. One key signal is the Whale vs. Retail Delta indicator, which shows whales holding historically dominant long positions for the first time, a pattern previously associated with local bottoms. Furthermore, market liquidity appears healthier as Bitcoin's spot trading volume on exchanges like Binance has risen significantly (exceeding $10 billion daily in November), while derivatives open interest has declined by $5 billion. This shift indicates that speculative leverage is being flushed out, with capital moving back into the spot market to purchase actual Bitcoin, suggesting a more sustainable upward momentum. Despite these bullish signs, some analysts caution that the rebound could be a temporary "dead cat bounce," prompting traders to reduce leverage.

(Source：BeInCrypto)