Bitcoin traded near $73,900 on Nov. 11 after falling from $82,172, with market participants focused on support around $72,300. CoinGecko data puts BTC at $73,908.71, down 1.08% over 24 hours and 5% over seven days.

The decline has coincided with continued withdrawals from U.S. spot Bitcoin exchange-traded funds, which hold Bitcoin directly and trade on U.S. exchanges, giving investors exposure to the asset through standard brokerage accounts. SoSoValue recorded $95.0012 million in net outflows from U.S. spot Bitcoin ETFs on Nov. 10, extending the outflow streak to four consecutive days.

Against that backdrop, market analyst Giannis Andreou has outlined two conditional technical scenarios that could lead toward the $98,000 area. His analysis does not confirm that Bitcoin has begun a sustained recovery.

Bitcoin Holds Near Fibonacci Support

Andreou’s daily chart places Bitcoin near the 0.618 Fibonacci retracement level at $72,272. Fibonacci retracement levels are ratios widely used by technical traders to map potential support and resistance zones during pullbacks. The level is also close to the lower boundary of a rising price channel, making the area a key test of whether buyers can defend the broader structure.

In the first scenario, BTC briefly moves below $72,300 before reclaiming the level. Such a sweep occurs when price falls below support, triggers stop-loss orders and then recovers above the level. Andreou identifies a potential entry near $72,355, with a stop-loss at $67,314 and a target of $98,067. The setup carries a projected risk-reward ratio of approximately 5.1 to 1. A risk-reward ratio compares the distance between an entry and its stop-loss with the distance to its target.

$BTC TO $98K? ONE ROUTE GOES THROUGH THE BASEMENT. Trade BTC here: Bitcoin is near $73.4K on the daily chart, with the 0.618 Fib at $72,272 and the lower edge of the rising channel just below. How price reacts here determines which setup I’m watching.… pic.twitter.com/KNtwcf2Tyo — Giannis Andreou (@gandreou007) November 11, 2026

According to Andreou’s analysis, a recovery would first need to clear $75,200. The previous swing high near $87,600 would then become another level to monitor. These are conditional technical levels rather than confirmation of a continuing advance.

The alternative scenario begins if $72,300 breaks and subsequently acts as resistance. Andreou then watches $69,000, followed by a broader buying zone between $62,800 and $67,300. If buyers defend that zone, his second setup identifies a potential entry near $65,030, with a stop at $60,540 and a target of $97,979. Andreou estimates a risk-reward ratio of approximately 7.3 to 1.

Both scenarios point toward similar upside targets but depend on buyers defending different support areas. The first setup requires a reclaim of $72,300, while the second depends on a reaction from lower support.

ETF Outflows Continue as Bitcoin Pulls Back

Shorter-term trading data illustrates the extent of Bitcoin’s pullback. CoinAnk’s two-hour Hyperliquid chart recorded BTC at $73,967, down 1.11%, with a 24-hour range of $72,668 to $74,979. The chart showed $3.62 billion in volume, $108.70 million in liquidations — forced closures of leveraged positions that occur when margin requirements are no longer met — and $3 billion in open interest.

CoinAnk’s chart also showed several fair value gaps and order blocks left by the sell-off. Traders often monitor those areas for potential price reactions. The long-short ratio stood at 0.97, while funding remained positive at 0.0013%, a level at which long positions pay short positions in the perpetual futures market.

ETF flows provide another measure of demand from traditional investment channels. SoSoValue reported that U.S. spot Bitcoin ETFs recorded $95.0012 million in net outflows on Nov. 10, marking four consecutive sessions of withdrawals. U.S. spot Ethereum ETFs recorded $1.3168 million in net outflows, also extending their outflow streak to four days.

According to SoSoValue, on November 10 Eastern Time, U.S. Bitcoin spot ETFs posted total net outflows of $95.0012 million, marking the fourth consecutive day of net outflows; Ethereum spot ETFs saw net outflows of $1.3168 million yesterday, also extending their net outflow streak… pic.twitter.com/wO8BZI4s8m — Wu Blockchain (@WuBlockchain) November 11, 2026

The continued ETF withdrawals add to the pressure surrounding Bitcoin’s recent decline, although ETF flows do not determine the asset’s next price movement. Daily flow reports will show in coming sessions whether the withdrawal streak extends past four days, while chart watchers track reactions at the levels Andreou identified. The immediate technical test remains whether BTC can hold $72,300 or move toward lower support near $69,000 and the $62,800-$67,300 zone.

Andreou’s target near $98,000 remains a conditional outcome based on specific support and resistance reactions, not a confirmed direction for the market.