Bitcoin recently fell from a high of around $118,000 to an intraday low of $111,571, a 10.4% drawdown. However, metrics indicate that the $112,000 to $111,500 range may mark a new bottom before reaching new highs. The Coinbase Premium Index remained positive, suggesting strong retail demand in the U.S., with a notable rise from 0.043 to 0.075. Furthermore, Bitcoin investment products experienced significant inflows, totaling $977 million last week. Institutional interest remains strong, as evidenced by accumulating companies and aggressive acquisitions, like that of Japan's MicroStrategy. Although short selling has increased, Bitcoin's ability to maintain its price indicates accumulation. The risk of liquidation-induced price drops is decreasing. Therefore, the indicators of high retail demand, robust institutional support, and reduced liquidation risks strengthen the argument that Bitcoin is likely forming a bottom near $112,000, making a sharp downward correction less probable.

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