Key points:
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Bitcoin tries and fails to conquer $107,000, an important local level for traders.
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BTC price forecasts retain the possibility of the market falling back under $100,000.
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Bitcoin bulls need a perfect storm to move toward all-time highs, analysis concludes.
Bitcoin (BTC) eyed its new weekend futures gap on Tuesday as talk turned to a BTC price “rejection.”
BTC/USD one-hour chart. Source: Cointelegraph/TradingViewBitcoin CME gap in focus as BTC price reverses
Data from Cointelegraph Markets Pro and TradingView showed bulls failing to reclaim key support overnight.
Despite hitting new November highs of $107,465, BTC/USD was unable to retain those levels, instead threatening to print a double top structure on the hourly chart.
Among traders, the inability to reclaim $107,000 was now a key detail.
“$BTC got rejected from the $107,000-$108,000 resistance level,” crypto investor and entrepreneur Ted Pillows wrote in a post on X.
BTC/USDT one-day chart. Source: Ted Pillows/XPillows noted that the latest “gap” in CME Group’s Bitcoin futures market was still below the spot price.
“The next key support for Bitcoin is around $104,000 which also has a CME gap. Usually, Bitcoin bottoms on Tuesday, which means we could see a CME gap fill followed by a bounce,” he suggested.
CME Bitcoin futures one-hour chart with gap. Source: Cointelegraph/TradingViewTrader Daan Crypto Trades put Bitcoin’s failed resistance/support flip within the context of broader crypto market difficulties.
Crypto trader, analyst and entrepreneur Michaël van de Poppe described the situation as “quite normal” for Bitcoin.
“The big question is now: Will $BTC hold at $103K? – Will $BTC hold at $100K and provide a double-bottom test?” he asked X followers.
BTC/USD one-day chart. Source: Michaël van de Poppe/XAnalysis warns of “OG selling pressure”
Considering the outlook, trading company QCP Capital identified key conditions for a sustained BTC price rally.
Related: ‘Most hated bull run ever?’ 5 things to know in Bitcoin this week
Bulls, it said, needed favorable macroeconomic conditions as a starting point for fighting off sellers higher up.
“A sustained spot recovery, supported by macro tailwinds and stabilizing ETF inflows, could rekindle demand,” it summarized in its latest Asia Color market update on Monday.
QCP referred to ongoing distribution by long-term Bitcoin investors with holdings above $100,000.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Source: https://cointelegraph.com/news/bitcoin-key-107k-rejection-watch-these-btc-price-support-levels?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
