Bitcoin Price Forecast: BTC Holds Up, Market Expects Breakout

• Bitcoin is holding the $109,000 support level, indicating resilience amid ongoing market volatility.
• The rise in open interest indicates rising institutional confidence and optimistic attitudes.
• Strong investment inflows in October point to renewed accumulation and possible recovery momentum.

On Friday, Bitcoin continued to consolidate near $110,000, demonstrating resilience despite continued volatility in the overall cryptocurrency market. The digital asset remains in a correction phase within a broader bullish structure, as traders assess whether recent inflows and rising open interest could signal the beginning of a resumption of the uptrend.

Buyers defend $109,000 support

On the 4-hour chart, Bitcoin's price is stabilizing above the $109,000 support level, which coincides with the lower band of the supertrend. Holding this zone remains critical to maintaining the short-term structure. A drop below this level could trigger a further decline toward $106,000, a level that previously served as a strong demand base.

BTC Price Dynamics (Source: TradingView)

Resistance remains at $112,500, near the 0.382 Fibonacci retracement level. Consequently, this zone continues to limit upward momentum. A sustained break above $112,500 could trigger a move toward $115,000 and $117,690, which correspond to the 0.5 and 0.618 Fibonacci retracement zones. If buyers manage to recoup these levels, Bitcoin could target a broader reversal toward $121,500, a key area defining the upper boundary of the current correction.

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Futures data signals institutional positioning

Source: Coin Glass

Open interest in Bitcoin futures surged throughout 2025, reaching $73.39 billion by October 31. This figure has more than tripled since January.

This sustained growth indicates growing institutional participation and increased activity in the derivatives market. Moreover, this growth has persisted despite numerous spot price corrections, indicating continued high speculative appetite.

Data suggests that traders are bracing for more significant directional moves, especially after recent market pullbacks. As open interest consolidates near yearly highs, analysts interpret this as a sign of restored confidence and a willingness to take advantageous positions ahead of a potential surge in volatility.

Exchange flows indicate a resumption of accumulation

Source: Coin Glass

Bitcoin data also reveals shifting sentiment in the spot market. Throughout 2025, cryptocurrency inflows and outflows fluctuated significantly, with significant outflows observed between February and June, corresponding to a price decline. However, in October, net inflows amounted to $100.62 million, indicating renewed investor accumulation.

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Furthermore, the return of positive net inflows suggests that traders are reopening positions after previous profit-taking cycles. Therefore, sustained inflows at current levels may reflect institutional accumulation in anticipation of a broader recovery.

Bitcoin Price Technical Forecast

Key levels remain clearly defined as of November:

• The immediate hurdles are the upside levels of $112,500, $115,000, and $117,690. A breakout of these zones could lead to an extension of the upside to $121,514, which coincides with the 0.786 Fibonacci retracement level.
• Downside levels: $109,700 acts as immediate support, followed by $106,000 and $103,600, which represent deeper demand zones. A sustained decline below $109,000 could trigger broader downside pressure.
• Resistance ceiling: $112,500 remains a key level for a medium-term bullish recovery.

The technical picture shows Bitcoin consolidating within a corrective structure after a pullback from $126,383. This range reflects a squeeze within a broader uptrend, in which volatility could increase in either direction.

Will Bitcoin's price rise?

Bitcoin's short-term direction depends on whether buyers can defend $109,000 and reclaim $112,500. A successful breakout of the $112,500–$115,000 zone could signal a resumption of growth and open the way to $118,000 or even $121,500.

However, if support around $109,000 fails to hold, it could trigger a deeper correction toward $106,000 or $103,000. However, rising open interest and positive foreign exchange inflows indicate that accumulation remains strong below current levels. Bitcoin is currently trading in reversal territory, and confirmation of a breakout will likely determine the next major trend in November.

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Source: cryptonews.net