Bitcoin Traders Hope for Highs as BTC Coils Beneath Liquidity

Key points:

Bitcoin revisits $113,000 before Tuesday’s Wall Street open amid talk of a new gold copycat move.

That level becomes a recommendation for long entries, but not everyone is bullish.

Liquidity conditions show a $115,000 short squeeze in the making.

Bitcoin (BTC) returned to $113,000 on Tuesday as traders’ BTC price perspectives began to change.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

BTC price rebound lacks “strong spot demand”

Data from Cointelegraph Markets Pro and TradingView showed new local highs of $113,279 into the Wall Street open.

BTC/USD built on a higher low from the weekend, which preserved $110,000 as support.

Now, market participants saw the potential for bulls to make a more sustained assault on overhead resistance.

“There we go,” crypto trader, analyst and entrepreneur Michaël van de Poppe wrote in a response on X.

Van de Poppe noted that Bitcoin had reclaimed the 20-day simple moving average (SMA) near $111,500, and had also won back the key $112,000 mark.

“Gold is printing strong new ATHs –> $BTC likely following,” he continued, referencing Bitcoin’s habit of following breakouts on XAU/USD with a slight delay.

BTC/USDT one-day chart. Source: Michaël van de Poppe/X

Fellow trader Crypto Tony, meanwhile, described $113,000 as a suitable entry point.

“Above $113,000 is a long position on the daily,” he confirmed to X followers.

BTC/USDT perpetual contract one-day chart. Source: Crypto Tony/X

Others were cautious, among them crypto investor and entrepreneur Ted Pillows, who flagged a lack of spot-market interest as a reason to doubt the sustainability of the current local uptrend.

$BTC current rally is mostly perps driven.

OI is up, and the funding rate is up, while the Coinbase premium is still neutral.

Until strong spot demand arrives, the rally won’t be sustainable. pic.twitter.com/ydlSTODT8x

— Ted (@TedPillows) September 9, 2025