Bitcoin Rejects $107K, Support Levels To Watch

Bitcoin failed to sustain levels above $107,000, triggering concerns among traders and prompting analysis of potential support levels. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD unable to maintain the new November highs of $107,465, creating a potential double top formation on the hourly chart.

Crypto investor and entrepreneur Ted Pillows noted Bitcoin’s rejection from the $107,000 – $108,000 resistance level, highlighting a CME Group futures gap below the spot price. He suggested the next key support lies around $104,000, also with a CME gap, and indicated a potential Tuesday bottom and bounce.

Trader Daan Crypto Trades linked Bitcoin’s resistance failure to broader crypto market difficulties, observing similar rejections in Ethereum and the total crypto market cap. He stated that bears remain in control until the $107,000 level is flipped.

Michaël van de Poppe described the situation as “quite normal,” posing questions regarding Bitcoin’s ability to hold at $103,000 and $100,000, suggesting a potential test at $90-93K if these levels fail.

Trading company QCP Capital outlined conditions for a sustained Bitcoin price rally, emphasizing the need for favorable macroeconomic conditions and stable ETF inflows. They acknowledged potential selling pressure from long-term holders above $118,000.

The firm referred to ongoing distribution by long-term Bitcoin investors with holdings above $100,000, suggesting a range-bound market in the medium term. This analysis does not constitute financial advice; readers should conduct their own research.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.