Bitcoin was trading around $113,060 at press time, down 0.7% over the past 24 hours but still up 4.5% weekly and 1.2% monthly. The leading cryptocurrency has maintained a relatively stable range between $107,088 and $115,957 over the past week, recovering steadily from the sharp Oct. 10–11 crash that wiped more than $19 billion off the market.
Despite that correction, Bitcoin remains in a recovery phase after briefly surpassing $126,000 earlier this month. Trading activity has picked up momentum, with daily volume rising to $67.4 billion, about 14% higher than the previous day. Meanwhile, derivatives volume climbed to $112.3 billion, according to CoinGlass, while open interest slipped to $73.6 billion — a sign that traders are closing leveraged positions, helping form a healthier base for the next potential move.
Binance Data Signals Renewed Accumulation
According to an Oct. 29 analysis by CryptoQuant’s Darkfost, the BTC-to-stablecoin reserve ratio on Binance has turned bullish for the third time in this cycle. The metric measures the balance between Bitcoin reserves and stablecoin liquidity on the exchange. A rise in stablecoin reserves alongside a decline in BTC holdings indicates growing buying power waiting on the sidelines.
This same setup has historically preceded major rallies — seen when Bitcoin traded around $16,600 in January 2023 before climbing to $24,800, again in March 2023 from $20,300 to $73,000, and in March 2025 when it advanced from $78,600 to $123,500. The current pattern suggests a similar accumulation phase may be underway.
Another CryptoQuant analyst, burakkesmeci, noted that Binance funding rates have remained positive since Oct. 22. While negative funding often signals market bottoms, a sustained shift to positive levels typically indicates a return of short-term bullish momentum.
Technical Outlook
On the daily chart, Bitcoin trades near the mid-Bollinger Band at $111,200, having rebounded from the lower band around $105,800. The next key resistance lies near the upper band at $116,400. The relative strength index (RSI) currently stands at 50.6, reflecting neutral momentum with room for further upside if bullish sentiment continues to build.
Short-term moving averages between 10 and 20 days indicate a buy signal, forming a support zone between $111,000 and $112,500. However, longer-term averages around $114,500 continue to act as resistance. While momentum remains relatively soft, the MACD indicator has turned positive, hinting at potential upside.
If Bitcoin manages to close above $114,000, it could gather momentum toward the $118,000–$120,000 range. A decisive breakout above the upper Bollinger Band would further confirm a stronger bullish reversal. Conversely, if the $111,000 support fails to hold, the price could retreat toward $107,000 or even the lower Bollinger Band near $105,800.
