Bitcoin has entered a crucial price range of $110,000 to $112,000, according to Matrixport's analysis. This follows a record high and reflects a period of structural adjustment, with long-term holders reducing positions while new institutional investors absorb the sell pressure. Key indicators such as realized cap and coin days destroyed point to a defensive stance among long-term holders. ETF inflows in late September contributed to the price surge, but these inflows slowed in October due to macroeconomic factors. Matrixport highlights the importance of the 21-week moving average and short-term realized price as structural levels, warning that a drop below $110,000 could lead to a sell-off. The analysis also notes that a stronger U.S. dollar and cautious ETF behavior are impacting Bitcoin's performance. Without renewed ETF inflows, the price range could shift down to $85,000 to $100,000 as the market undergoes a structural rebalancing phase.