Bitcoin’s price continues to hover within a narrow range, remaining below its short-term cost basis. Timothy Misir, Head of Research at BRN, described the difficult market conditions as a test of patience. As of October 23, Bitcoin 
$78,526 was trading around $109,000, having lost over 3% in value over the past month.
Record High in Option Market Open Positions
BRN data reveals that the open position value of Bitcoin options has reached new peaks. Misir noted that investors’ preference for put options is reshaping market dynamics. The concentration in put options has led to an increase in short gamma positions in derivative markets. This structure intensifies price movements through aggressive hedging during minor price changes, thereby increasing volatility.
Analysts observed that the failure to consistently surpass the $113,000 mark led to weak investors selling off. They also indicated that if the $108,000 threshold is breached, there could be a risk of declining to $104,500 or even $97,000.
ETF Flows and Macro Uncertainty Pressure
According to data, a weak trend persists on the institutional side as well. On Wednesday, there was an outflow of $101 million from spot Bitcoin ETFs and $19 million from Ethereum 
$2,486 ETFs. BRN warned that such liquidity withdrawals could accelerate long-term investor sell-offs.
On the macro front, the cessation of data flows due to a US government shutdown has shifted investors’ focus to the Consumer Price Index (CPI) data set to be released on Friday. QCP Capital stated that a soft inflation rate around 0.2% monthly could support Bitcoin’s upward trajectory, while higher data could expedite risk aversion and drive declines.
Standard Chartered conveyed that falling below $100,000 in the short term seems inevitable, but the decline might be brief. BRN highlighted that the market is still in the phase of proving its faith, with purchases in ETFs balancing long-term investor sell-offs, making upward movements fragile.
According to CryptoAppsy at the time of writing, Bitcoin has risen by 1.50% in the last 24 hours and trades at $109,222.
