Bitcoin Price Faces Challenges Around $111K Following ETF Comeback – Analysts Caution About Fragile Support
The Bitcoin USD value continues to face difficulties, even with the ETF rebound lifting the Bitcoin price to $111,000. Currently, experts are cautioning about fragile price floor.
On Thursday, BTC remained around $111,000 following another wave of outflows from U.S. spot BTC ETFs. Approximately $100 million exited these funds in the last day, rekindling worries that institutional interest might be waning.
As per Coingecko data, BTC varied between $106,800 and $110,300 throughout the session, concluding with a last trade at $110,700.
The constrained range maintains the asset close to the $107,000 area, which many experts consider vital short-term support.
A distinct decline beneath that point could lead to more significant losses, while a rise above $112,000 would indicate renewed buying power.
What Is Causing Ongoing Withdrawals from Spot BTC ETFs?
In October 2022, U.S. spot Bitcoin ETFs experienced net outflows of about $101.4 million, representing another challenging day for institutional interest.
Based on Farside data, although BlackRock’s IBIT reported estimated inflows of $73.6 million, those gains were negated by significant withdrawals from other funds, including around $56.6 million from Fidelity’s FBTC.
The irregular flow emphasizes how sensitive sentiment remains following last week’s larger redemptions.
Experts from Bitfinex have cautioned that the $107,000–$108,000 price range is becoming unstable, as large investors have largely refrained from participating in this downturn.
Between October 13 and 17, spot BTC ETFs lost over $1.23 billion, indicating a noticeable decrease in crypto holder appetite.
On-chain data from CryptoQuant shows that the 3-6 month UTXO realized price is around $108,300, a crucial mid-term support level.
According to Glassnode’s data, BTC is now trading below both the short-term holders’ cost basis ($113,100) and the 0.85 quantile level ($108,600).
These levels have typically marked the initiation of mid-term downtrend periods.
Options data suggests a more cautious trading market. Traders are acquiring puts to protect against further declines, resulting in increased implied market fluctuation.
A Market Hedged in Fear
Bitcoin trading beneath key cost basis levels indicates market demand exhaustion. Long-term investors are liquidating into strength, while heightened put buyer interest and escalating volatility reflect a defensive crypto market.
Read the complete Week On-Chain below
https://t.co/2aZJU8meBX pic.twitter.com/ze4EowUPwh
— glassnode (@glassnode) October 22, 2025
Open interest also remains at near-record levels, indicating widespread apprehension.
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BTC Price Forecast: Are We in a Wyckoff Accumulation Stage?
According to crypto analyst Gordon, BTC might be garnering strength for its next movement. He suggests that the latest retracement falls within a broader accumulation phase.
Imagine being downtrend when $BTC is undergoing an accumulation phase.
Panic sellers now will transform into panic buyers in a few months. pic.twitter.com/CIOtFibWyC
— Gordon (@AltcoinGordon) October 23, 2025
“Imagine being pessimistic when $BTC is going through an accumulation phase. Panic sellers now will become panic buyers in a few months,” he remarked.
Gordon’s 12-hour BTC/USDT chart illustrates a classic Wyckoff re-accumulation pattern, detailing each phase from Preliminary Support (Psy) to the Spring and Test stages.
Bitcoin has experienced a Selling Climax (SC) of approximately $106,500 and has since rebounded, currently oscillating between $107,000 and $111,000.
This range activity suggests a potential setup for a upward movement that is widely anticipated.
The second notable price ceiling lies between $123,000 and $125,000, near the Automatic Rally (AR) and Secondary Test (ST) levels.
If BTC surpasses $112,000, it could signal the onset of the Markup Phase, which typically signifies that bullish momentum is developing.
This setup is indicative of a likely reaccumulation phase, where long-term investors are buying more while short-term traders exit.
Should the Wyckoff structure remain solid, Bitcoin could be gearing up for a medium-term recovery in the range of $120,000-$126,000.
Crypto analyst Titan of Crypto released a weekly chart showcasing that Bitcoin’s long-term parabolic trend is still in force, noting that it has demonstrated consistent bullish behavior despite recent price swings.
The curve reflects a series of higher lows from early 2023 to late 2025, suggesting that the larger bullish is still intact.
Every retest on the curve has prompted renewed buying and sharp recoveries.
The latest rebound between $105,000 and $110,000 echoes previous support reactions, reinforcing the argument that Bitcoin’s parabolic structure remains valid.
Bitcoin’s price structure continues to reveal a parabolic trend, where each rebound starts from a higher level.
This trend suggests that momentum is building as long as the price stays above the rising curve. Should that price floor break, it might indicate a shift in sentiment.
However, if the curve holds, Bitcoin could continue its ascent towards the $140,000 to $150,000 area.
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The post Bitcoin Price Struggles Near $111K After ETF Recovery – Analysts Warn of Weak Support appeared first on 99Bitcoins.
