Since the start of November, the Bitcoin price has struggled to maintain stability above the $103,000 mark. The sentiment remains fragile after an analyst projected that Bitcoin could fill the CME gap near $92,000 before any sustainable rebound. Meanwhile, U.S. spot Bitcoin ETFs recorded over $2 billion in outflows, marking one of the worst redemption streaks on record. This combination of technical weakness and capital flight has increased the risk of another sharp correction.
Analysts Expect a Deeper Pullback for Bitcoin Price
Analyst Ted Pillows emphasized that Bitcoin remains in a vulnerable state after reclaiming the $103,000 level. At the time of press, Bitcoin value traded at $102,910.82, holding just above a fragile floor.
Notably, the repeated rejections between $102K and $95K indicate weakening buying strength, suggesting that sellers still dominate near key resistance zones. Ted highlighted the unfilled CME gap near $92,000 as a likely target, where price could rebalance liquidity before any reversal.
He noted that such retests are not uncommon during cooling phases, which help flush excessive leverage and reset investor expectations.However, this deeper pullback might serve as the last leg before renewed accumulation begins.
Additionally, another market expert echoed similar views, projecting that Bitcoin could retest the $92K–$93K range before a stronger recovery unfolds. His broader analysis points to a Wyckoff-style accumulation pattern with one more downward phase to complete.
The analyst notes that Bitcoin continues to respect the ascending macro channel formed after the 2024 bottom, implying that this retracement could be a controlled reset rather than a breakdown. He believes that panic-driven selling near $93K would likely mark a key emotional turning point for the market.
Once selling pressure fades, the analyst expects Bitcoin to regain strength and reclaim $110K as confidence gradually rebuilds. Ultimately, this corrective phase fits within a long-term BTC price outlook that envisions a healthier, longer-term continuation of the current bullish cycle.
Institutional Outflows Mount as $2B Leaves Bitcoin ETFs
The U.S. spot Bitcoin ETFs have seen over $2 billion withdrawn within six consecutive trading days, marking their second-worst outflow streak in history. Data from Farside showed that withdrawals began on October 29, accelerating sharply during the first week of November.
Notably, Tuesday alone saw more than $566 million pulled, following sessions of $470 million, $488 million, and $191 million. Analysts attribute this exodus to growing caution among institutions as volatility persists and liquidity tightens.
The pressure has intensified further as the U.S. government shutdown continues, raising concerns about delayed economic data and fiscal disruptions. Meanwhile, Sequans Communications reportedly sold 970 BTC, trimming its holdings to 2,264 BTC amid rising market uncertainty.
Although Solana ETFs recorded seven straight days of inflows, Bitcoin and Ether funds continue to bleed. These redemptions highlight fragile confidence, keeping the Bitcoin price vulnerable until institutional inflows return.
Cautious Path Ahead
The combination of heavy ETF withdrawals and aligned analyst projections reinforces a cautious near-term outlook. Both experts foresee a retest of the $92K–$93K zone before Bitcoin begins its next rally phase. While short-term sentiment remains fragile, their analysis implies the pullback may serve as a reset rather than a collapse.