Bitcoin Forms a Local Bottom

🟡After a sharp decline in late October, Bitcoin’s price has stabilized, showing early signs of renewed buying interest. According to Glassnode, the rebound toward $106,000 has been accompanied by increased spot market activity and a strengthening RSI, indicating easing selling pressure. Meanwhile, a decline in futures open interest suggests that some speculators are exiting the market, reducing overall leverage risk.

🟡Analysts note that the market is entering a phase of cautious equilibrium. Rising trading volumes and growing on-chain activity are helping to establish a solid base within the $100,000–$108,000 range. However, despite the improving technical signals, macroeconomic uncertainty and lower participant profitability continue to limit confidence in the emergence of a new bullish impulse.