Bitcoin appears to be nearing the end of its recent correction, having fallen to an 11-day low of $114,755. However, data from various indicators suggests a potential recovery above $120,000. Metrics like Bitcoin options skew reveal contained fear in the market, suggesting limited downside. Historically, similar conditions have presented strong buying opportunities, as evidenced by past price rallies following skew increases. Though concerns about potential outflows from spot Bitcoin ETFs have arisen, recent inflows and the stability of ETF liquidity indicate resilience. Positions from top traders at platforms like OKX and Binance show that these professionals have not significantly reduced their long positions. Additionally, stablecoin demand in China reflects only mild pressure leaving the crypto market, with Tether trading at a slight discount that indicates no worsening sentiment. Overall, these indicators combined suggest that $114,755 may indeed represent the bottom of this correction, with a bullish outlook for Bitcoin above the $120,000 mark.

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