The BTC USD price is continuing to struggle, despite the ETF recovery pushing the Bitcoin price back up to $111,000. Now, analysts are warning of weak support.
Bitcoin hovered near $111,000 on Thursday after another round of withdrawals from US spot bitcoin ETFs.Ā About $100 million flowed out of the funds over the past day, reviving concerns that institutional demand may be losing steam.
According toĀ Coingecko data, Bitcoin fluctuated between $106,800 and $110,300 during the session, with the last trade atĀ $110,700.Ā
The narrow range keeps the asset close to the $107,000 zone, which many analysts view as critical short-term support.Ā
A clear drop below that level could open the door to deeper losses, while a rebound above $112,000 would signal renewed buying strength.
Why Are Spot Bitcoin ETFs Seeing Persistent Withdrawals?
US spot Bitcoin ETFs saw roughly $101.4 million in net outflows in October 2022, marking another weak day for institutional demand.
According to Farside data, BlackRockās IBIT still posted an estimated $73.6M in inflows, but those gains were erased by heavy withdrawals elsewhere, including about $56.6 million from Fidelityās FBTC.
(Source: Farside)
The uneven flow highlights how fragile sentiment remains after last weekās deeper redemptions.
Analysts at BitfinexĀ have warned that the $107,000ā$108,000 price range has become shaky, noting that large buyers have largely stayedĀ out during this correction.Ā
Between October 13 and 17, spot Bitcoin ETFs shed over $1.23 billion, indicating an apparent decline in investor appetite.
On-chain data from CryptoQuant indicates that the 3-6 month UTXO realized price is near $108,300, a key mid-term support area.Ā
(Source: CryptoQuant)
Glassnodeās data adds that Bitcoin now trades below both the short-term holdersā cost basis ($113,100) and the 0.85 quantile level ($108,600).Ā
These thresholds have often marked the start of mid-term bearish periods.
Options data points to a more defensive market. Traders are loading up on puts to hedge against more downside, pushing implied volatility higher.Ā
A Market Hedged in Fear
Bitcoin trading below key cost basis levels signals demand exhaustion. Long-term holders are selling into strength, while rising put demand and higher volatility show a defensive market.
Read the full Week On-Chain belowšhttps://t.co/2aZJU8meBX pic.twitter.com/ze4EowUPwh
ā glassnode (@glassnode) October 22, 2025
Open interest also remains near record levels, a sign of nervousness across the board.
EXPLORE:Ā The 12+ Hottest Crypto Presales to Buy Right Now
Bitcoin Price Prediction: Is the Market in a Wyckoff Accumulation Phase?
According to crypto analyst Gordon, Bitcoin may be building strength for its next move. He believes the recent pullback fits within a broader accumulation phase.Ā
Imagine being bearish when $BTC is going through an accumulation phase.
Panic sellers now will be panic buyers in a few months. pic.twitter.com/CIOtFibWyC
ā Gordon (@AltcoinGordon) October 23, 2025
āImagine being bearish when $BTC is going through an accumulation phase. Panic sellers now will be panic buyers in a few months,ā he said.
Gordonās 12-hour BTC/USDT chart outlines a textbook Wyckoff re-accumulation structure. It maps out each stage from Preliminary Support (Psy) to the Spring and Test phase.Ā
(Source: X)
Bitcoin has reached a Selling Climax (SC) of roughly $106,500 and has since recovered, currently ranging between $107,000 and $111,000.Ā
This range exercise is an indication that spring may be setting up a breakout that is frequently anticipated.
The second major opposition is between $123,000 and $125,000, close to the Automatic Rally (AR) and Secondary Test (ST) levels.Ā
When Bitcoin rises above $112,000, this could mark the beginning of the Markup Phase, which typically indicates that bullish momentum is developing.
The setup is indicative of a probable reaccumulation process, in which long-term holders further buy as short-term traders exit.Ā
Provided that the Wyckoff construction remains firm, Bitcoin could be accumulating towards a medium-term recovery in the range of $120,000-$126,000.
Crypto analyst Titan of CryptoĀ published a weekly chart indicating that the long-term parabolic trend of Bitcoin is still in effect and that it hasĀ recorded consistent bullish dynamics despite its recent fluctuations.Ā
The curve connects a sequence of higher lows extending from the beginning of 2023 to the end of 2025, indicating that the larger uptrend remains intact.
(Source: X)
Each retest of the curve has sparked renewed buying and sharp recoveries.Ā
The latest rebound between $105,000 and $110,000 mirrors earlier support reactions, adding weight to the view that Bitcoinās parabolic structure continues to hold.
Bitcoinās price structure continues to reflect a parabolic trend, one where each rebound starts from a higher base.Ā
This pattern indicates that momentum is still building as long as the price remains above the rising curve. If that support were to break, it could mark a change in sentiment.Ā
However, if the curve holds, Bitcoin may continue to climb toward the $140,000 to $150,000 range.
EXPLORE:Ā Next 1000X Crypto ā Hereās 10+ Crypto Tokens That Can Hit 1000x This Year
Why you can trust 99Bitcoins
Established in 2013, 99Bitcoinās team members have been crypto experts since Bitcoinās Early days.
90hr+
Weekly Research
100k+
Monthly readers
50+
Expert contributors
2000+
Crypto Projects Reviewed
Follow 99Bitcoins on your Google News Feed
Get the latest updates, trends, and insights delivered straight to your fingertips. Subscribe now!
Subscribe now 
