TLDR
- Bitcoin price stayed near $103,000 as analysts warned of a possible decline toward $92,000 before recovery.
- Market sentiment weakened after six days of heavy ETF outflows totaling over $2 billion.
- Ted Pillows said Bitcoin remains vulnerable despite reclaiming the $103,000 level.
- Analysts believe the $92K CME gap could act as a liquidity target before a rebound.
- The Bitcoin price continues to follow its long-term ascending channel from the 2024 bottom.
The Bitcoin price struggled to stay above $103,000 this week as market sentiment weakened after sustained ETF outflows. Analysts warned that the next correction could push the BTC price toward $92,000 before recovery begins.
Bitcoin Price Holds Near Fragile Support
The Bitcoin price traded at $102,910.82 on Thursday, remaining just above a fragile support zone. Analysts described current conditions as unstable due to repeated rejections near resistance levels.
Ted Pillows stated that “Bitcoin remains vulnerable after reclaiming the $103,000 level.” He added that price reactions between $102K and $95K reflect fading buyer momentum. Sellers still appear dominant near resistance zones, keeping upside potential limited.
$BTC is back above the $103,000 level.
This is a key level for Bitcoin to hold; otherwise, there'll be another low.
I still don't feel confident about this rally and think that BTC could fill the CME gap at the $92,000 level. pic.twitter.com/09sKmA5ak1
— Ted (@TedPillows) November 6, 2025
He identified an unfilled CME gap near $92,000 as a probable liquidity target. Pillows said such retests help “flush excessive leverage and reset investor expectations.” He maintained that this phase could precede renewed accumulation if the Bitcoin price stabilizes afterward.
Analysts Expect Controlled Correction Before Recovery
Another market expert predicted that the Bitcoin price may retest the $92K–$93K range. He said this move would complete a Wyckoff-style accumulation setup before a stronger rebound forms.
$BTC SCENARIO 🚨
TRAP ??
Or We Going for $80k?
We’re still respecting the macro ascending channel that started after the 2024 bottom.
Right now, BTC looks to be repeating a similar Wyckoff-style pattern — just on a higher timeframe.
Support zones: $102.7K, $98.7K, and… pic.twitter.com/lFLZqzJSP0
— Karan Singh Arora (@thisisksa) November 4, 2025
He explained that Bitcoin continues to follow its ascending macro channel from the 2024 bottom. This suggests that the current pullback is a controlled correction rather than a breakdown in structure.
He also noted that panic-driven selling could appear near $93K but might mark a turning point. “Once selling pressure fades, Bitcoin could regain strength and move toward $110K,” he commented. His projection supports a broader bullish continuation after short-term weakness.
US Spot Bitcoin ETFs Record Sharp Withdrawals
US spot Bitcoin ETFs recorded over $2 billion in withdrawals within six trading sessions. Data from Farside confirmed this was the second-worst redemption streak on record.
Withdrawals began on October 29 and accelerated in early November. Tuesday alone saw $566 million in redemptions, following large outflows during previous sessions. Analysts linked this wave to tighter liquidity and reduced institutional appetite.
The situation worsened as the ongoing US government shutdown disrupted financial data releases. Sequans Communications sold 970 BTC, reducing its holdings to 2,264 BTC during heightened market stress.
Solana ETFs, however, reported seven consecutive days of inflows. But Bitcoin and Ether funds continued to face withdrawals, pressuring sentiment further. Until institutional demand returns, the Bitcoin price may remain under pressure across major exchanges.
