Bitcoin slid to $107,820 on Monday, posting a 1% drop over the past 24 hours. The leading cryptocurrency has fluctuated between $107,414 and $113,220 over the past week, leaving it down 4% on the week and 5.4% over the past month. From its Aug. 14 peak of $124,128, BTC now trades 13% lower.
Despite the price pullback, market activity has intensified. Spot trading volume jumped 30% in the past day to $30.6 billion, while Coinglass data showed surging derivatives participation. Futures volume climbed 44.55% to $58.42 billion, with open interest inching up to $80.41 billion. This rise signals that new positions are being established rather than closed, reflecting growing conviction among traders.
On-chain indicators highlight resilience
A Sept. 1 analysis from CryptoQuant contributor XWIN Research Japan points to two structural metrics—Delta Cap and the Coinbase Premium Gap—that continue to support Bitcoin’s underlying strength.
Delta Cap, calculated as the difference between Realized Cap and Average Cap, currently stands at $739.4 billion, implying a BTC price of $108,900. Historically, this metric has acted as a cycle floor, indicating periods of steady capital inflows. With Bitcoin’s spot price still holding above Delta Cap, investor confidence appears intact despite recent volatility.
Meanwhile, the Coinbase Premium Gap—a measure of price differences between Coinbase and Binance—sits at +11.6. A positive premium suggests heightened U.S. institutional demand, as investors pay more to acquire BTC on Coinbase. In past cycles, persistent premiums have often preceded bullish moves, signaling fresh institutional accumulation.
Technical outlook
Bitcoin is consolidating just above the key psychological level of $107,000. On the daily chart, BTC is trading near the lower Bollinger Band, suggesting short-term oversold conditions and potential room for a rebound.
The Relative Strength Index (RSI) is hovering near neutral with a slight downside bias, suggesting that renewed buying momentum could trigger a rebound. Meanwhile, the MACD is flattening—often a precursor to trend reversals—though it still carries a mildly bearish tone.
A decisive move above $110,000 could pave the way for a push toward $113,000 and potentially a retest of the $118,000 zone. Conversely, a drop below the $107,000 support would heighten the risk of further losses, with $104,000 emerging as the next key target.
