Bitcoin Price Struggles Near $111K After ETF Recovery – Analysts Warn of Weak Support

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.  About $100 million flowed out of the funds over the past day, reviving concerns that institutional demand may be losing steam.

According to Coingecko data, Bitcoin fluctuated between $106,800 and $110,300 during the session, with the last trade at $110,700. 

The narrow range keeps the asset close to the $107,000 zone, which many analysts view as critical short-term support. 

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, BlackRock’s IBIT still posted an estimated $73.6M in inflows, but those gains were erased by heavy withdrawals elsewhere, including about $56.6 million from Fidelity’s FBTC.

(Source: Farside)

The uneven flow highlights how fragile sentiment remains after last week’s deeper redemptions.

Analysts at Bitfinex have warned that the $107,000–$108,000 price range has become shaky, noting that large buyers have largely stayed out during this correction. 

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. 

(Source: CryptoQuant)

Glassnode’s data adds that Bitcoin now trades below both the short-term holders’ cost basis ($113,100) and the 0.85 quantile level ($108,600). 

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. 

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 belowhttps://t.co/2aZJU8meBX pic.twitter.com/ze4EowUPwh

— glassnode (@glassnode) October 22, 2025

Open interest also remains near record levels, a sign of nervousness across the board.

EXPLORE: 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. 

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

— Gordon (@AltcoinGordon) October 23, 2025

“Imagine being bearish when $BTC is going through an accumulation phase. Panic sellers now will be panic buyers in a few months,” he said.

Gordon’s 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. 

(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. 

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. 

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. 

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 Crypto published a weekly chart indicating that the long-term parabolic trend of Bitcoin is still in effect and that it has recorded consistent bullish dynamics despite its recent fluctuations. 

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. 

The latest rebound between $105,000 and $110,000 mirrors earlier support reactions, adding weight to the view that Bitcoin’s parabolic structure continues to hold.

Bitcoin’s price structure continues to reflect a parabolic trend, one where each rebound starts from a higher base. 

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. 

However, if the curve holds, Bitcoin may continue to climb toward the $140,000 to $150,000 range.

EXPLORE: Next 1000X Crypto – Here’s 10+ Crypto Tokens That Can Hit 1000x This Year

The post Bitcoin Price Struggles Near $111K After ETF Recovery – Analysts Warn of Weak Support appeared first on 99Bitcoins.