Bitcoin (BTC) eyed intraday highs into Wednesday’s Wall Street open as bulls battled for $105,000.
Key points:
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Bitcoin creeps higher into the US trading session as traders seek $107,000 retest.
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Opinions diverge on whether price can reclaim that area as support.
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Binance withdrawals give analysis cause to stay bullish on the BTC price outlook.
All eyes on $107,000 BTC price resistance
Data from Cointelegraph Markets Pro and TradingView showed BTC price strength returning on low time frames.
After filling the latest weekend “gap” in CME Group’s Bitcoin futures market, BTC/USD took time to establish new local lows before heading higher.
The move preserved the pattern of higher lows in play since Nov. 5, and relative strength index (RSI) data hinted at 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 wrote in a response on X.
“That’s my main condition for a bullish turnaround.”
Fellow trader Crypto Tony suggested that the price would not seal that resistance reclaim, and described $107,400 as the “perfect short zone.”
A bounce up to $107,400 please. Would be the perfect short zone if we get there pic.twitter.com/BTuMVaWS0V
— Crypto Tony (@CryptoTony__) November 12, 2025
Eyeing another failed reclaim, this time of the bull market support band formed by two moving averages, trader Luca saw “further price consolidation” next.
“If the price breaks below the purple support range, I’d look to hedge part of my spot holdings to mitigate short-term downside risk, as that would likely open the door for a deeper pullback on the low-timeframes,” he told X followers alongside an explanatory chart.
Binance delivers “bullish signal” at $103,000
A more optimistic take on the day came from onchain analytics platform CryptoQuant.
Related: ‘Most hated bull run ever?’ 5 things to know in Bitcoin this week
Binance users, it noted, had begun to withdraw significant amounts of BTC, potentially signalling a new “accumulation” phase.
“In early November, Binance recorded a sudden spike in Bitcoin withdrawal transactions — one of the largest surges in 2025,” contributor XWIN Research Japan wrote in one of CryptoQuant’s Quicktake blog posts.
“This movement indicates a significant shift in investor behavior and offers valuable clues about current market sentiment.”
XWIN noted that the bulk of the withdrawals coincided with BTC price hitting $103,000.
“Additionally, OTC desk activity increased during this period, indicating private transfers to custodial wallets—another sign of institutional participation,” it added.
“Overall, this spike should be viewed as a bullish signal.”
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.