What will drive the market’s next rebound? With BTC below 67,000, watch spot buying support first

On November 14, Beijing time, `#WhatWillDriveCryptoandStocks’NextRebound?` ranked No. 2 on Binance Square’s Trending page, where around 1,095 people were visible discussing it; a public aggregation page also showed around 62,104 views and 859 people discussing it. Meanwhile, Binance News recorded BTC falling below 67,000 USDT intraday and ETH falling below 1,900 USDT intraday. The question is no longer “how far has it fallen?” but whether the next rebound will be driven by genuine spot buying—or simply by leveraged positions covering first.

First, let’s look at BTC, the main player. Binance BTC / USDT spot market:

https://www.binance.com/zh-CN/trade/BTC_USDT

As of around 18:09 Beijing time, BTC spot was approximately 67,307.71 USDT, down 2.809% over 24 hours. The intraday high and low were approximately 70,214.31 and 66,456.00, respectively, with a quoted trading volume of approximately 1.41997 billion USDT. The price has recovered from its intraday low, but this is still intraday data and does not mean the decline has bottomed out. A single move back above 67,000 should not be described as a trend reversal.

For leverage markets, consider the Binance BTC / USDT USDⓈ-M perpetual contract:

https://www.binance.com/zh-CN/futures/BTCUSDT

At the same time, the latest perpetual contract price was approximately 67,281.80, down 2.787% over 24 hours. The mark price was approximately 67,265.75, quoted trading volume was approximately 13.79600 billion USDT, open interest was approximately 96,578.219 BTC, and the current funding rate was approximately +0.004180% per settlement period. Perpetual trading volume far exceeding spot volume only indicates that derivatives trading is more active; it cannot be directly interpreted as “capital inflows.” OI alone cannot identify the direction of positions, either. If a rebound is driven only by perpetual trading and short covering, without a sustained increase in spot volume, the price could still return to near its low.

ETH is a cross-market gauge of risk appetite. Binance ETH / USDT spot market:

https://www.binance.com/zh-CN/trade/ETH_USDT

At around 18:09, ETH spot was approximately 1,909.91 USDT, down 1.988% over 24 hours. The intraday low was approximately 1,878.00, with a quoted trading volume of approximately 557.14 million USDT. Binance ETH / USDT USDⓈ-M perpetual contract:

https://www.binance.com/zh-CN/futures/ETHUSDT

At the same time, the perpetual contract was around 1,908.88, the mark price was approximately 1,909.20, the funding rate was approximately +0.005444% per settlement period, and OI was approximately 2.3254 million ETH. ETH continues to fluctuate around 1,900, suggesting that market risk appetite has not recovered on the strength of a single intraday rebound. Whether BTC and ETH can both reclaim key price levels is more worth watching than a short-term bounce in either asset alone.

My view is that the real value of this trending topic is that it breaks down the “rebound” into a verifiable chain of evidence. First, BTC needs to hold the intraday low area near 66,456 on a closed 4-hour candle, then gradually reclaim levels above 67,000, rather than relying on a momentary wick. Second, spot trading volume needs to improve consistently; a rise in perpetual trading volume alone is not enough. Third, as the price recovers, OI and the funding rate should not rapidly heat up to crowded levels. If the price rises while OI remains moderate or declines, that would look more like a recovery after deleveraging.

What would invalidate this view? If BTC repeatedly reclaims the area around 70,000 and holds above it on both 4-hour and daily charts, while spot volume remains strong and ETH no longer consistently underperforms, then the view that this is “just a bounce within a decline” would need to be revised upward. Conversely, if the price falls below 66,456 again, while perpetual OI continues to rise during the decline and spot demand weakens, the rebound thesis would be invalidated, and the market would more likely still be in a risk-unwinding phase.

The cover image is a BTCUSDT 4-hour chart captured from a local chart preview at around 18:10 Beijing time: http://127.0.0.1:8790/?symbol=BTCUSDT&interval=4h. The candlesticks, automatic price axis, and indicators in the screenshot are for observing price action only; position, P&L, and open-order overlays from the logged-in session have been removed from this article's cover. The current official long-form article interface only confirms support for a single cover image, so this should not be taken to mean that the chart is embedded in the article body.

Risk disclosure: This article discusses trending topics, public events, and publicly available market data; it does not constitute investment advice. Discussion and view counts on the trends page are publicly visible page data and do not represent site-wide statistics. Market data is from around 18:09 Beijing time on November 14, 2026, and the current 4-hour candle has not yet closed. Spot and USDⓈ-M perpetual contracts differ in liquidity, funding rates, leverage, liquidation, and settlement mechanisms. OI and funding rates alone cannot prove the direction of positions.

Sources: Binance Square trends page (https://www.binance.com/en/square/trends); Binance Square public aggregation page (https://www.binance.com/en/square?roomId=2269752); Binance Square News (https://www.binance.com/en/square/news/all); Binance public spot and USDⓈ-M perpetual market data endpoints (data timestamp: around 18:09 Beijing time).

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