Bitcoin Price Rebounds as Bulls Target $98K After ETF Volume Spike

Bitcoin price attempted a stronger recovery this week as bulls pushed the market back toward the $93,000 zone after November’s sharp liquidation-driven drop. Traders tracked renewed spot demand, shrinking exchange reserves, and a major revival in spot Bitcoin exchange-traded fund volume. Analysts argued that these factors restored early bullish structure while keeping $97,000–$98,000 in focus as the next liquidity target.

Data from TradingView showed Bitcoin trading near $93,030 after a rapid buyback from the monthly open. The move followed what several traders described as a classic whipsaw that erased weak positions before restoring momentum.

“Bitcoin has survived 15 crashes and will survive 15 more,” Michael Saylor said on CNBC, reinforcing the asset’s long-term durability. His remarks circulated widely as the market attempted to rebuild confidence after November’s forced unwind.

Bulls Confront the $93K Barrier After ETF Volume Surges

Spot Bitcoin ETF activity returned sharply. “Spot Bitcoin ETF volume just blasted past $5.1 billion yesterday,” Merlijn The Trader said. He added that the market “woke up again,” pointing to re-engagement from institutional desks after weeks of muted flows.

Rising ETF demand aligned with a structural improvement in price behavior. Captain Faibik said Bitcoin bulls “are once again trying to break the 93k resistance level.” He argued that holding this zone would open a clearer path toward $98,000.

He cautioned earlier that the market would remain in bearish territory until Bitcoin reclaimed that level. The renewed push into the resistance zone raised expectations that this condition was finally being met.

Daan Crypto Trades echoed similar observations. He noted a “sharp buyback after the initial sell-off right at the monthly open,” calling it a move that rarely sticks if the downside pressure remains strong. He said the higher-high and higher-low formation returned a bullish structure to the daily chart, but he wanted the price “to sustain above this current price area” before validating the trend.

He identified $97,000–$98,000 as a “liquidity zone in play if this current area breaks,” a view consistent with the harmonic targets on TradingView’s pattern analysis, which also placed near-term objectives above $98,000.

Binance Reserves Decline as Self-Custody and ETF Demand Grow

Conviction among long-term holders increased as exchange reserves continued to drop. XWIN Research Japan reported that Bitcoin reserves on Binance kept falling despite price stability near $93,000. They stressed that this trend “is not a bearish signal,” but part of a structural shift as investors move coins off exchanges.

The group cited three primary drivers. Self-custody has expanded as whales and long-term holders transfer funds to cold storage. Spot ETF growth from BlackRock, Fidelity, and Vanguard absorbed new demand that custodians held outside traditional exchanges. Derivatives unwinding after the late-November sell-off also reduced margin deposits, a temporary technical effect.

Regulatory adjustments at Binance added minor pressure, encouraging some flows to redistribute. However, XWIN Research Japan said the overall decline was “a normal re-accumulation phase within a broader bullish environment.”

Shrinking reserves historically aligned with tightening supply conditions, which often preceded medium-term appreciation. The research group maintained that the current on-chain trend supported a gradual recovery as the market moved into December.

U.S. Demand Rebounds as Coinbase Premium Turns Positive

A reversal in U.S. investor behavior added another layer to the improving setup. The Coinbase Premium Index moved back into positive territory at +0.03, signaling renewed interest from U.S. funds and large traders.

Analysts noted that rallies based solely on U.S. activity often fade unless global liquidity responds. Recent Binance order book and volume data suggest that global participation is increasing, narrowing the gap between major exchanges.

This convergence historically preceded periods of consolidation followed by directional expansion. A positive Coinbase Premium paired with strengthening Binance liquidity indicated that the market was attempting to build a new base after November’s volatility.

The narrowing price spread between Binance and Coinbase reinforced this stabilizing trend. Rising spot volumes and steadier perpetual contract activity suggested improving risk appetite.

Still, analysts warned that a renewed drop in the premium could revive short-term volatility. Sustaining demand remained the key requirement for confirming an upward trend.

Chart Structure Shows Rebound, but Confirmation Requires Follow-Through

Technical patterns on Bitcoin’s daily chart supported the recovery narrative. TradingView’s harmonic setup indicated that the recent reversal from the D-leg reclaim could fuel a rotation toward $98,240 and potentially higher targets near $103,500 and $116,300.

The RSI hovered near the mid-range after recovering from oversold levels, showing balanced momentum. Structural signals aligned with Daan Crypto Trades’ interpretation of a restored bullish pattern, though confirmation still depended on a close above the resistance zone.

Traders remained focused on whether bulls could maintain pressure without triggering another liquidity hunt. The resurgence in ETF volume and improving U.S. demand created a foundation, but market participants noted that Bitcoin has frequently tested bull resolve during recovery phases.

With Saylor reminding markets that Bitcoin “will survive 15 more crashes,” traders watched for cues that this rebound could evolve into a broader continuation. For now, the Bitcoin USD price has remained locked below the $93,000 barrier, but the improving structural signals have given bulls another attempt at climbing toward $98,000.