Bitcoin Bounces Back Over $110K After Massive ETF Outflows, Is the Next Bull Run Starting?

Bitcoin (BTC) jumped back above $110,000 on Monday, erasing part of last week’s slide even as ￰0￱ bitcoin ETFs posted their second-largest weekly net outflows on record ($1.2 billion). The swift rebound, from lows near $103,700, has traders asking whether the market just completed a “controlled deleveraging” and is now basing for the next ￰1￱ reclaimed $4,000 alongside broader crypto green shoots, aided by cooling trade-war headlines and growing odds of additional Fed rate ￰2￱ term, BTC is attempting to hold the $107,000–$110,000 support band. A clean break and hold above $112,000–$115,500 would strengthen the bullish case and set sights on $120,000–$123,000.

Institutions Still Bullish; Rare BTC–Gold Signals Flash “Bottom” Despite the outflows, institutional conviction looks resilient. A new Coinbase survey found 67% of institutions are bullish on Bitcoin over the next three to six months, citing improving liquidity, robust ETF infrastructure, and stablecoin usage near record ￰3￱ tailwinds are supportive, with markets now pricing in further Fed easing, a trend that has historically redirected capital from cash and money-market funds toward risk assets. On-chain and cross-asset signals add weight. CryptoQuant’s Joao Wedson flagged rare bottom readings in the BTC-to-gold ratio oscillator, levels that previously preceded strong recoveries.

Separately, JP Morgan’s framework values BTC materially higher versus gold, mapping to a potential $165,000 by 2025 if the relationship normalizes. Short-term holder MVRV Bollinger signals are also in “oversold” territory, seen earlier at $49,000 and $74,000 before subsequent rallies, supporting the notion that recent weakness was an accumulation phase, not a ￰4￱ (BTC) Levels, Risks, and the Road to a New Leg Higher Technically, Bitcoin bulls want to defend $107,000–$110,000 and flip $112,000–$115,500 into ￰5￱ there, momentum traders eye $120,000–$123,000 and the prior ATH zone near $126K. Funding and open interest have cooled, reducing the risk of another forced-liquidation cascade.

Regardless, skeptics point to rising-wedge overhangs and headline risk (trade tensions, data shocks), while gold’s record run fuels the “digital-gold vs. gold” ￰6￱ bounce above $110,000, despite heavy ETF redemptions, suggests strong dip-buying and improving ￰7￱ macro conditions cooperate and BTC can reclaim the mid-$110,000s with volume, the market may be transitioning from “reset” to re-accumulation, laying groundwork for a fresh bull leg into late ￰8￱ image from ChatGPT, BTCUSD chart from Tradingview