Bitcoin News Today: Spot Buyers vs. Derivatives: Bitcoin's $109K Make-or-Break Moment

Bitcoin futures opened the week with a sharp downward gap, hitting a two-week low near $108,865, as spot buyers intervened at intraday lows while derivatives markets maintained elevated volatility. The price movement, which closed the gap between Friday’s settlement on the Chicago Mercantile Exchange (CME) and Monday’s opening, drew attention to the $109,900 level as a critical juncture for potential reversal or further declineBitcoin slips below $109K: spot rebounds, futures …^[1]. Analysts highlighted the interplay between spot and futures markets, where institutional selling pressure—exceeding retail spot purchases—has constrained broader recovery effortsBitcoin slips below $109K: spot rebounds, futures …^[1].

Key technical indicators underscored the fragile balance. A positive bid-ask ratio at 10% depth signaled increased buying activity at the lows, a pattern previously observed ahead of short-term rebounds in September 2024Bitcoin slips below $109K: spot rebounds, futures …^[1]. However, the dominance of perpetual futures, particularly large institutional trades ranging from $1,000 to $10 million, continued to drive intraday volatility. This dynamic limited the spot market’s ability to sustain gains, as derivatives flows outpaced on-chain demandBitcoin slips below $109K: spot rebounds, futures …^[1].

Liquidation risk zones emerged between $111,000 and $107,000, with clusters of long positions concentrated in this range. If selling pressure persists, the $107,000 support level could face a test, potentially triggering cascading stop-loss ordersBitcoin slips below $109K: spot rebounds, futures …^[1]. The Cumulative Volume Delta (CVD) anchored on a 4-hour timeframe also showed rising buying volume, though this remained secondary to the structural influence of futures marketsBitcoin slips below $109K: spot rebounds, futures …^[1].

The recent price action contrasted with earlier gains in September 2025, when Bitcoin futures reached a peak of $117,347, driven by expectations of Federal Reserve rate cuts. The current pullback to $108,865 reflects heightened sensitivity to macroeconomic signals and derivative positioning. Analysts at Gate noted that maintaining above $115,000 would be critical for retesting the $120,000 level, but the immediate focus remains on stabilizing near $109,000.

Market participants are closely monitoring three key levels: $111,000 (long liquidation risk), $109,000 (rotating support/resistance), and $107,000 (critical support). A sustained break below $109,000 could accelerate the test of $107,000, while a rebound above $111,000 might reignite bullish momentumBitcoin slips below $109K: spot rebounds, futures …^[1]. The CME gap, a recurring feature in Bitcoin’s weekly cycle, has historically seen price retests within the following week, adding to the significance of the $109,900 levelBitcoin CME Gap Futures Chart: Last Open and …^[2].

The interplay between spot and futures markets remains a defining factor. While spot buyers have shown resilience—evidenced by improved bid-ask spreads and CVD metrics—the dominance of derivatives continues to amplify short-term volatility. Institutional participation, particularly in large-sized trades, has outpaced retail-driven spot demand, limiting the scope for a broad-based recoveryBitcoin slips below $109K: spot rebounds, futures …^[1]. This dynamic underscores the need for a shift in market leadership from derivatives to spot activity to sustain a meaningful upward move.

In summary, Bitcoin’s recent volatility highlights the tension between immediate spot demand and structural derivatives influence. The $109,900 level represents a pivotal threshold for gauging market sentiment, with outcomes likely to shape near-term price trajectories. As the week progresses, traders will watch for signs of institutional capitulation or renewed buying at key support levelsBitcoin slips below $109K: spot rebounds, futures …^[1]Bitcoin CME Gap Futures Chart: Last Open and …^[2].