Market Overview and Key Price Levels
Bitcoin (BTC) approached intraday highs leading into Wednesday’s Wall Street trading session, with bulls actively defending the $105,000 level. Data from Cointelegraph Markets Pro and TradingView indicated a resurgence in BTC price strength on lower timeframes. Following the filling of the latest weekend "gap" in the CME Group's Bitcoin futures market, BTC/USD experienced a period of consolidation to establish new local lows before resuming an upward trajectory. This movement has maintained the pattern of higher lows observed since November 5th. Relative strength index (RSI) data suggested a potential bullish divergence on the hourly chart.
Analyst Perspectives on Resistance and Support
Traders are closely watching the $107,000 mark as a critical resistance level. Trader Daan Crypto Trades expressed that Bitcoin needs to break through this area to confirm a bullish turnaround. "If it can do so, it would turn this into a decent deviation and retake back into the range," Daan Crypto Trades noted in a post on X, emphasizing this as a primary condition for a bullish reversal.
That's my main condition for a bullish turnaround.
Conversely, fellow trader Crypto Tony suggested that the price might not reclaim this resistance, identifying $107,400 as an "ideal short zone."
$BTC / $USD - Update
— Crypto Tony (@CryptoTony__) November 12, 2025
A bounce up to $107,400 please. Would be the perfect short zone if we get there pic.twitter.com/BTuMVaWS0V
Trader Luca, observing another potential failed reclaim of the bull market support band formed by two moving averages, anticipated further price consolidation. Luca advised followers on X that if the price breaks below the identified support range, it would be prudent to hedge spot holdings to mitigate potential short-term downside risk, as this could signal a deeper pullback on lower timeframes.
Binance Withdrawals Signal Potential Accumulation Phase
Onchain analytics platform CryptoQuant has presented a more optimistic outlook, highlighting significant Bitcoin withdrawals from Binance as a potential indicator of a new accumulation phase. In early November, Binance observed a substantial surge in Bitcoin withdrawal transactions, described as one of the largest increases of 2025. This movement suggests a notable shift in investor behavior and provides insights into current market sentiment.
In early November, Binance recorded a sudden spike in Bitcoin withdrawal transactions — one of the largest surges in 2025. This movement indicates a significant shift in investor behavior and offers valuable clues about current market sentiment.
The majority of these withdrawals occurred as BTC price approached $103,000. Additionally, an increase in OTC desk activity during this period, indicating private transfers to custodial wallets, further suggests institutional participation. CryptoQuant's analysis concludes that this spike in withdrawals should be interpreted as a bullish signal for the Bitcoin market.
Overall, this spike should be viewed as a bullish signal.