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Bitcoin price is fluctuating between $100K and $115K, showing a consolidation phase.
Large outflows from Bitcoin ETFs, around $799M, are putting pressure on market sentiment.
Post-halving reduced supply continues to support long-term value in the Cryptocurrency market.
The largest mainstream cryptocurrency, Bitcoin, is trading at approximately $104,673, with an intraday range of around $104,203 to $108,242. This price position reflects a pause in the broader rally and signals a period of consolidation, following previous highs and a reversal in momentum.
During recent months, Bitcoin price has oscillated within a broad range, roughly between $100,000 and $118,000. The lower bound near $100,000 holds significance on both a psychological level and a technical support zone.
Historically, pullbacks in this vicinity have met renewed buying interest. On the upside, the mid-$110,000s formed resistance as attempts to break higher ran into headwinds. The current positioning, with prices below $110,000 and above $100,000, suggests a state of equilibrium, but one that is fragile and reactive to external flows and shifts in sentiment.
One of the dominant forces influencing Bitcoin price behaviour is the flow of capital into and out of spot Bitcoin exchange-traded funds (ETFs). Over recent weeks, the flows have turned negative: for the week ending November 3, spot Bitcoin ETFs recorded net outflows of about $799 million, led by major funds. The largest single product saw a retreat of roughly $403 million, while others each faced sizable redemptions. These outflows correspond to a decline in institutional buying pressure and contribute to a thinning of liquidity in the market.
In contrast, several weeks earlier, we saw comparatively large inflows. In a single day, the market saw inflows of approximately $876 million, highlighting its current volatility and dependence on flows. As Bitcoin’s issuance and supply growth remain constrained (thanks, in part, to the 2024 halving event), each incremental increase in demand has a magnified effect.
Also Read: Can Bitcoin Mirror Gold's Record Run by Year-End?
The most recent halving of Bitcoin’s block reward reduced daily issuance to about 450 BTC and structurally lowered the rate at which new coins enter the market. With issuance now reduced, the relative power of ETF-driven demand, institutional demand, or strong buyer demand increases. In such a scenario, net capital flows and new sources of demand have a greater impact than in previous cycles when supply growth was more plentiful.
Large outflows from Bitcoin ETFs have marched in lock-step with the broader cooling of risk appetite and tighter monetary policy signals. Liquidity conditions have tightened, and that, in turn, has sapped some speculative and institutional heat from digital-asset markets.
Earlier this year, this positive momentum in the ETF space, coupled with clearer regulatory signals, helped drive Bitcoin to fresh all-time highs beyond $111,000 and later past $118,000. Those were driven by optimistic sentiment surrounding regulated on-ramps and institutional adoption. The recent reversal serves as a reminder to traders of how quickly the narrative can shift when flows stall.
From a support point of view, if Bitcoin loses the $100,000 zone and closes decisively below it with expanding outflows and risk-off dynamics, the next cluster of support might emerge in the mid-$90,000 range. If ETF inflows resume with conviction and broader liquidity conditions improve, a sustained break above $115,000 – $118,000 could open the door to retesting previous highs.
The key near-term risks are renewed large-scale outflows from ETFs, a shift in macro sentiment toward tighter policy, and unexpected regulatory shocks. Upside scenarios, on the other hand, would require successive days of robust inflows, improved regulatory clarity, and broadening institutional acceptance beyond the current base.
Also Read: Bitcoin Isn’t an Inflation Hedge but Benefits When the Dollar Falters
Bitcoin today is in a cautious phase. The halving maintains the structural supply tailwind, but demand dynamics are under pressure. Unless demand visibly reaccelerates, price will likely remain range-bound between approximately $100,000 and $115,000. A breakout above the upper bound or a breakdown below the lower bound would mark a new regime and redefine momentum.
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