Bitcoin Rebounds Above $79K as Spot Buying Provides Durable Demand
Bitcoin rebounded by over $1,500 from its intraday low of around $77,638 to trade above $79,000 during the Asian session on Wednesday.
The bounce adds to a pattern developing around the upper-$77,000 area, where sellers can push Bitcoin lower but buyers repeatedly appear before declines accelerate.
According to Bitfinex's trading desk, the rebound is being funded by spot buying, which provides a potentially more durable source of demand compared to rallies driven by leveraged futures positions.
Institutional demand has not disappeared, although the latest session was softer, with US spot Bitcoin ETFs recording about $57 million of net outflows on September 8.
The average cost basis of active Bitcoin investors is estimated at around $76,350, close to where buyers recently stepped in, setting up a durable grind higher if support around $77K holds.