Bitcoin (BTC) is currently under observation as it failed to conquer the significant $107,000 level, an important local resistance for traders. This price action has renewed possibilities of the market falling back below the $100,000 mark. Analysis suggests that Bitcoin bulls require a confluence of favorable conditions to drive the cryptocurrency toward its all-time highs.
Bitcoin CME Gap in Focus as BTC Price Reverses
Data from Cointelegraph Markets Pro and TradingView indicates that Bitcoin bulls were unable to reclaim crucial support levels overnight. Despite reaching new November highs of $107,465, BTC/USD could not sustain these gains, instead showing signs of a potential double top structure on the hourly chart.
The inability to regain the $107,000 mark has become a significant point of discussion among traders. Crypto investor and entrepreneur Ted Pillows noted this rejection in a post on X, stating, "$BTC got rejected from the $107,000-$108,000 resistance level."
Pillows also highlighted that the CME Group's Bitcoin futures market gap remained below the current spot price. He suggested that the next key support for Bitcoin is around $104,000, which also coincides with a CME gap. Historically, Bitcoin has often found a bottom on Tuesdays, potentially leading to a CME gap fill followed by a bounce.
Trader Daan Crypto Trades contextualized Bitcoin's failed resistance/support flip within the broader challenges faced by the cryptocurrency market.
$BTC Rejecting from the key $107K area so far.
Similar to $ETH & The Total Crypto Market Cap rejecting from similar zones.
Bears are still in control until this level is flipped in my opinion. Still a lot of up & down moves intra-day, but the past few weeks have seen a pretty… https://t.co/czYTq8V6DD https://t.co/ewWmyN5LzO— Daan Crypto Trades (@DaanCrypto) November 11, 2025
Crypto trader, analyst, and entrepreneur Michaël van de Poppe described the current situation as "quite normal" for Bitcoin. He posed critical questions regarding potential support levels: "The big question is now: Will $BTC hold at $103K? - Will $BTC hold at $100K and provide a double-bottom test?"
If neither are true, then we're looking at $90-93K for a potential test and then we're not done yet.
Analysis Warns of "OG Selling Pressure"
In assessing the outlook, trading firm QCP Capital identified crucial conditions necessary for a sustained BTC price rally. The firm emphasized that bulls need favorable macroeconomic conditions to effectively counter selling pressure at higher price points.
QCP Capital summarized in their recent "Asia Color" market update that "A sustained spot recovery, supported by macro tailwinds and stabilizing ETF inflows, could rekindle demand."
However, rallies above $118k are likely to face renewed OG selling pressure. Until long-term holder supply eases, the most probable base case remains a range-bound BTC market in the medium term.
QCP Capital's commentary refers to the ongoing distribution of Bitcoin by long-term investors occurring above the $100,000 threshold.