Bitcoin Targets $107,000 as Traders Eye Key Resistance Levels
Bitcoin Approaches Critical $107,000 Resistance
Bitcoin (BTC) surged towards its intraday highs on Wednesday, as traders geared up for the Wall Street open, aiming for a pivotal $107,000 mark.
Key Highlights:- BTC gains momentum during the US trading session, with analysts eyeing a potential $107,000 resistance test.
- Traders hold mixed views on whether Bitcoin can establish this level as a new support.
- Binance's recent withdrawals inspire a bullish outlook on Bitcoin's future price trajectory.
Market Eyes on $107,000 BTC Price Resistance
Data from Cointelegraph Markets Pro and TradingView indicated a strengthening BTC price on shorter time frames. After filling a recent "gap" in CME Group’s Bitcoin futures, BTC/USD formed new local lows before advancing. This trend maintained higher lows since November 5, with the relative strength index (RSI) suggesting a bullish divergence on the hourly chart.
"Trending up on the lower timeframe. But needs to break that $107K area. If it can do so, it would turn this into a decent deviation and retake back into the range," trader Daan Crypto Trades commented on X. Fellow trader Crypto Tony expressed skepticism, labeling $107,400 as the "perfect short zone."
"A bounce up to $107,400 please. Would be the perfect short zone if we get there," Crypto Tony tweeted.
Trader Luca observed a potential "further price consolidation" if the bull market support band is not reclaimed, suggesting a hedge against short-term risks if BTC drops below the purple support range.
Binance Activity Sparks Bullish Sentiment at $103,000
A more positive outlook came from CryptoQuant, as Binance users began significant BTC withdrawals, hinting at a new "accumulation" phase. "In early November, Binance recorded a sudden spike in Bitcoin withdrawal transactions — one of the largest surges in 2025," XWIN Research Japan highlighted in a blog post. OTC desk activity also rose, indicating institutional participation, which is viewed as a bullish signal.
This article does not contain investment advice. Each trading move involves risks, and readers should conduct their own research before making any decision.