Key Points:
Bitcoin's attempt to break through $107,000 has failed—this is an important local level for traders.
BTC price predictions retain the possibility of a market pullback below $100,000.
Analysis concludes that Bitcoin bulls need a perfect storm to approach historical highs.
On Tuesday, Bitcoin targeted a new weekend futures gap, with market discussions shifting to Bitcoin price being "rejected."
Data from Cointelegraph Markets Pro and TradingView indicates that bulls failed to regain key support overnight.
Although Bitcoin/USD briefly reached a new high of $107,465 in November, it failed to hold that level and is at risk of forming a double top structure on the hourly chart.
For traders, the failure to reclaim $107,000 is a key detail.
“$BTC was rejected at the resistance level of $107,000-$108,000,” wrote crypto investor and entrepreneur Ted Pillows in a post on X.
Pillows noted that the latest "gap" in the CME Group Bitcoin futures market remains below the spot price.
“The next key support for Bitcoin is around $104,000, where there is also a CME gap. Typically, Bitcoin bottoms on Tuesdays, which means we might see the CME gap fill and then a rebound,” he suggested.
According to trader Daan Crypto Trades, Bitcoin's failure to achieve a resistance/support flip should be analyzed within the broader context of the crypto market's struggles.
$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 pic.twitter.com/ewWmyN5LzO
Meanwhile, crypto trader, analyst, and entrepreneur Michaël van de Poppe believes this situation is "quite normal" for Bitcoin.
He asked his followers on X: “The big question is: Will Bitcoin hold above $103,000? — Will it hold above $100,000 and form a double bottom test?”
Considering the outlook, trading firm QCP Capital identified key conditions for sustained BTC price increases.
It stated that bulls need favorable macroeconomic conditions as a starting point to fend off high-level sellers.
“Continued spot recovery, supported by macro tailwinds and stable ETF inflows, could reignite demand,” it summarized in Monday's latest "Asia Color" market update.
According to QCP, long-term holders are taking profits above $100,000.
Related: Bitcoin (BTC) shows bullish reversal signals, "apparent demand" hits a four-month high
Original: “Bitcoin Faces Key $107K Resistance: Watch These BTC Price Support Levels Next”
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