The Bitcoin price slipped more than 1% in the past 24 hours, trading near $108,200 after sellers blocked a breakout attempt. Short-term pressure is still present, but several on-chain and technical signals are showing a possible rebound forming beneath the surface. The market’s mood has been mixed since mid-October. ETF outflows and risk trimming by institutions have kept prices under control. Still, data from Glassnode and Santiment indicate that the worst of the selling may already be over. Selling Slows as Holders Stay Firm The MVRV Z-Score, which compares Bitcoin’s market value to its fair value, has risen slightly from 1.90 to 1.96. This small higher-low pattern previously led to a strong recovery in September, when Bitcoin gained nearly 14% within a week. Bitcoin’s MVRV seems to be on the rise | source: CryptoQuant The same signal now shows that selling pressure is easing. Long-term holders are not panicking, and they are holding through the dip. This behaviour tends to appear before the start of a broader uptrend. Spent Coins data also adds more weight to that view. Coins held for one to two years dropped from over 25,000 to just 103 spent units in recent days. Short-term coins between seven and thirty days old also fell, showing that most quick traders have already exited their positions. These declines of more than 98% historically show clear selling exhaustion. Long-term investors are steady, and short-term speculators are running out of momentum. Together, these trends could mean that accumulation is quietly returning. Chart Setup Still Favours an Upside Breakout On the 12-hour chart, the Bitcoin price currently trades inside a falling wedge pattern, which often breaks upward. BTC tested the top of this wedge near $114,000 but failed to stay above it. Sellers quickly pulled it back toward $108,000. A doji candle followed that move, and is showing hesitation between buyers and sellers. This candle type tends to mark a turning point before a reversal. Important Bitcoin price zones on the daily timeframe | source: TradingView The Relative Strength Index supports the bullish case. While the Bitcoin price made lower lows in recent weeks, the RSI formed higher lows. This bullish divergence usually points towards fading selling power and the start of renewed buying interest. If Bitcoin clears $111,500, it would confirm a short-term breakout toward $114,000. A close above that could lead to $116,000 and possibly $124,000 if buying strength grows. A dip below $107,500 might delay the move, while a drop under $103,500 would cancel it altogether. ETF Outflows Weigh on Sentiment But Not on Activity According to CoinShares, digital-asset funds recorded $513 million in outflows last week. This marked the second-largest weekly withdrawal of the year. Bitcoin accounted for nearly $946 million of that amount as institutional investors reduced exposure after price swings. Despite the redemptions, overall activity stayed high. Exchange-traded product volumes hit $51 billion, which is roughly doubles the yearly average. This shows that many investors are not leaving the market, but rather repositioning for the next move. Digital asset flows show outflows in the Bitcoin market | Source: CoinShares Most of the selling came from the United States, where funds lost about $621 million. In contrast, Europe and Canada saw inflows of nearly $144 million combined. This could mean that buyers there are taking advantage of lower prices. Among major issuers, BlackRock’s iShares and Grayscale experienced the largest redemptions of over $1 billion. Fidelity and Bitwise saw smaller withdrawals, while European multi-asset funds recorded only mild outflows.