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Bitcoin price today trades near $109,500, regaining ground after testing its October lows. The bounce comes as buyers defend support around $107,000 while institutional flows return to the spotlight with BlackRock’s IBIT fund adding $73.6 million in Bitcoin.
Price Action Tests Support Near $107K
BTC Price Analysis (Source: TradingView)
The daily chart shows Bitcoin price action holding above a key ascending trendline that has underpinned the market since early 2025. Sellers pushed price briefly below $108,000 earlier this week, but buyers stepped in to defend the $107,000–$108,000 zone.
Overhead resistance is layered between $112,000 and $114,000, where the 20-day moving average and mid-Bollinger band cluster. A clean breakout above this band could open a path to $120,000, while failure to reclaim the zone leaves BTC exposed to further pressure.
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The Bollinger Bands highlight recent compression, signaling volatility expansion ahead. Momentum indicators remain neutral, but oversold conditions earlier in the week suggest buyers may still have room to extend a short-term recovery.
Exchange Flows Show Mixed Signals
BTC Netflows (Source: Coinglass)
Flows data point to ongoing caution among traders. Spot exchanges recorded $102 million in net inflows on October 23, suggesting some investors are moving coins toward exchanges, potentially preparing to sell.
Despite this, cumulative outflow trends from earlier this quarter highlight sustained long-term accumulation. Exchange balances remain near multi-year lows, underscoring reduced immediate selling pressure even as short-term flows turn volatile.
This tug of war between inflows and longer-term withdrawals reflects the broader indecision in Bitcoin price action.
Institutional Demand Returns With BlackRock’s Purchase
The latest headline driver is BlackRock’s IBIT acquisition of $73.6 million worth of Bitcoin, reinforcing institutional appetite for exposure. The move adds to a growing list of strategic buys during market pullbacks, highlighting how large asset managers continue to accumulate.
Institutional inflows serve as a counterbalance to retail-driven profit-taking. In previous cycles, such purchases have marked pivotal support areas, and traders will be watching to see if IBIT’s activity sparks renewed confidence across the market.
Technical Outlook: Will Bitcoin Go Up?
For now, the Bitcoin price prediction for October 24 sits in a balanced zone. Holding above $107,000 is key to maintaining the bullish structure. A break above $114,000 would confirm upside momentum and open targets at $120,000 and $126,500.
On the downside, failure to defend $107,000 risks a slide toward $101,600, with deeper support sitting near $92,000.
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The outlook depends on whether buyers can pair institutional inflows with a decisive reclaim of resistance. Until then, Bitcoin price action remains in consolidation, with volatility set to expand in the coming sessions.
Technical Forecast Table
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