Bitcoin slips below $109K: spot rebounds, futures hold it back

Spot rebound incoming as Bitcoin slips below $109,000: the bid-ask spread becomes favorable on major exchanges, even though futures pressure limits the momentum. In this context, volatility remains high at critical levels, as confirmed by data from HyblockCapital and Velo. The scenario is consistent with market notes published by Cointelegraph and with on-chain trends analyzed by Glassnode, which indicate increased sensitivity to price movements in recent weeks.

TL;DR

• Key levels: $111,000 (long liquidation risk zone), $109,000 (friction zone), $107,000 (critical support).
• Signal: the bid-ask ratio at 10% depth shifted in favor of buyers while the price was falling.
• Risk: cluster of liquidations between $111K and $107K; futures continue to drive the flow, making the spot recovery fragile.

According to the data collected by our research desk on 12 exchanges (spot + derivatives), we monitored the bid-ask ratio and liquidation heatmaps in real-time. Analysts observed the responsiveness of spot orders during US hours, highlighting how intraday support has been defended multiple times in the last 24 hours.

Bitcoin: what happened in the latest sessions

The price of Bitcoin hit a two-week low at $108,865. In recent sessions, spot buyers have stepped in at intraday lows during U.S. hours, while sales recorded in Asia have partially absorbed the rebounds. Indeed, these dynamics are evident in the maps and datasets from HyblockCapital and Velo, which show a market structure that remains sensitive.

Why the bid-ask spread matters for the price

A positive bid-ask ratio indicates a higher density of buy orders in the immediate vicinity of the current price. That said, this tends to stabilize levels and favor technical rebounds in the short term. The signal, having turned positive, suggests a buying response at the lows, even though the scenario remains influenced by the derivatives flow.

How to Read the 10% Depth Report

• Theoretical range: from -1 (dominant selling) to +1 (dominant buying); 0 indicates equilibrium.
• Depth 10%: analysis of orders within 10% of the spot price, the most responsive range.
• The ratio turned positive as Bitcoin fell from $111,200 to $110,553, a pattern already observed in previous sessions, similar to what was seen at the beginning of September before a rally.

Anchored CVD 4H: What It Really Indicates

The CVD (Cumulative Volume Delta) anchored on a 4-hour timeframe measures the net flow between buy and sell orders in the market. In recent trades, an increase in buying volume has been observed, consistent with the improvement in the bid-ask ratio. However, despite being a constructive signal, the dominant influence of futures continues to limit the extent of lasting reversals in the spot market.

Liquidation Heatmap: Where the Risk Concentrates

The heatmap from HyblockCapital highlights a cluster of long liquidations in the range between $111,000 and $107,000. If the selling pressure continues, the price could head towards $107,000, with the risk of triggering a cascade of stop-losses in that area. It should be noted that the reactivity of spot orders at the lows could temporarily mitigate this dynamic.

| Indicator | Value/Range | Implication |
| ———————- | ———————– | ———————————————————— |
| Recent Low | $108,865 | Bounces bought but with high volatility |
| Long Liquidation Zone | $111,000–$107,000 | Risk of additional pressure in case of prolonged selling |
| Critical Support | $107,000 | A breach could extend the downside |
| Bid-ask (depth 10%) | Positive on the decline | Signal of reactive spot demand at lows |

Futures vs spot: who leads now

The perpetual futures continue to drive intraday fluctuations. Sales, especially from institutional operators with sizes between 1,000 and 10,000,000, exceed the spot purchases typical of retail investors (usually between 100 and 1,000 orders). As long as the spot volume remains lower than the pressure from derivatives, the market’s ability to support a broad recovery will remain limited.

Levels to Monitor Now

• $111,000: sensitive area for long liquidations.
• $109,000: intraday friction zone, to be considered as rotating support/resistance.
• $107,000: critical support, whose breach could extend the decline.

In Summary

Despite spot purchases making a comeback at the lows, as evidenced by the improvement in the bid-ask spread and the CVD, the dominance of futures keeps volatility high and limits a structural recovery. As long as the derivatives flow continues to dominate, the risk of a test of the $107K level remains tangible.