Bitcoin Stabilizes, But Risks Remain High
Bitcoin (BTC) price remains steady around $103,000 as of Thursday, following a rebound from key support the previous day. Despite this short-term recovery, concerns persist over weakening institutional demand, as spot Bitcoin Exchange Traded Funds (ETFs) recorded $137 million in outflows on Wednesday, continuing a streak of withdrawals since October 29. On-chain data suggests that BTC could face deeper downside pressure if the $100,000 psychological level fails to hold.
Institutional interest in Bitcoin continues to decline. According to SoSoValue, spot Bitcoin ETFs saw $137 million in outflows on Wednesday, following the largest single-day withdrawal since early August. This persistent trend signals fading confidence among institutional investors, which could accelerate BTC’s price correction if it continues.
CryptoQuant’s weekly report highlights that Bitcoin’s fundamentals remain fragile. BTC has dropped below $100,000 for the first time in months and now trades beneath its 365-day Moving Average (MA) of $102,000—a key technical and psychological support level. Historically, this MA has marked the final support zone during bull cycles. Failure to reclaim it could trigger a sharper correction.
Realized Price Bands data shows that the $100,000 level has acted as a psychological floor, where traders often sell to realize losses. However, if selling pressure intensifies, the next major support lies near $72,000.
On Monday, BTC faced rejection at a broken trendline and fell 8.18% by Tuesday, retesting the 50% Fibonacci retracement level at $100,353. On Wednesday, it rebounded 2.35% from that level and now hovers near $103,000.
Key support: $100,353
Next resistance: $106,435
RSI: 37 (just above oversold territory)
If the $100,353 level holds, BTC may recover toward $106,435. But if it closes below that support, the next downside target is $97,460.
Bitcoin’s price is stabilizing near $103,000, but risks remain. Weak institutional demand and fragile technical indicators suggest that a break below $100,000 could lead to a deeper correction. Traders are watching closely as BTC tests critical support zones, with the broader market sentiment still cautious.