Bitcoin Surges to $105K Amid Bullish Signals from Binance Withdrawals, but $107K Resistance Looms
Bitcoin (BTC) reached $105,000 in a fresh push upward, continuing a trend of higher lows that has defined its performance since early November. However, as the cryptocurrency edges closer to the critical $107,000 resistance level, traders remain divided on whether BTC can successfully convert that barrier into a new support zone.
During Wednesday’s early U.S. trading hours, Bitcoin bulls managed to drive prices to intraday highs, reflecting renewed momentum following a brief pullback. Data from various market tracking platforms confirmed a return of short-term strength in BTC/USD, particularly after the market filled a recent CME futures gap over the weekend.
Technical indicators supported the bullish sentiment, with the hourly Relative Strength Index (RSI) showing signs of a potential bullish divergence. Nevertheless, market analysts stress that for Bitcoin to sustain upward momentum, it must decisively break above the $107,000 level.
Crypto trader Daan Crypto Trades underscored the importance of this price point, noting that reclaiming $107K could mark a significant deviation back into a bullish range. “We’re trending higher on lower timeframes. If BTC can flip $107K, that opens the door for further upside within the broader range,” he noted.
However, not all market participants share the same optimism. Another trader, Crypto Tony, expressed skepticism about the likelihood of a successful breakout, labeling the $107,400 zone as an ideal level for initiating short positions. According to him, this area could act as a strong resistance, potentially leading to a price rejection.
Adding to the uncertainty, trader Luca emphasized the significance of the current support band formed by two key moving averages. He warned that a failure to hold above this zone could trigger deeper consolidation or even a short-term correction. “If BTC breaks below the purple support range,” Luca said, “I’ll consider hedging my spot holdings to protect against further downside.”
On the more optimistic side, on-chain data has revealed a potentially bullish development. According to analytics firm CryptoQuant, Binance has seen a notable spike in Bitcoin withdrawal activity. This uptick, which occurred as BTC hovered around the $103,000 mark, is interpreted by analysts as a sign of renewed accumulation, possibly driven by institutional players.
XWIN Research Japan, a contributor to CryptoQuant’s analysis, highlighted that November witnessed one of the largest surges in Bitcoin withdrawals from Binance in 2025. The analysis also pointed to increased activity among over-the-counter (OTC) desks, suggesting that large-scale transfers to custodial wallets may be underway — a typical indicator of institutional accumulation outside public exchanges.
This pattern of exchange withdrawals is often seen as a bullish signal, as it implies that investors are moving their holdings into long-term storage rather than preparing to sell. The combination of reduced exchange supply and growing institutional interest could provide a strong foundation for future price growth — assuming the $107,000 resistance is eventually breached.
Looking beyond price action, several macroeconomic factors are also playing a role in shaping Bitcoin’s trajectory. Recent speculation around central bank monetary policy, including potential interest rate cuts in major economies, has reinvigorated risk appetite in the crypto market. Lower real yields typically benefit non-yielding assets like Bitcoin, which is increasingly being viewed as a hedge against systemic risk and fiat currency devaluation.
Moreover, the upcoming Bitcoin halving event, expected in mid-2024, continues to influence market sentiment. Historically, halving cycles have preceded significant bull runs due to the reduction in newly minted Bitcoin supply. With less than a year left until the next halving, many long-term investors are positioning themselves accordingly.
In addition, institutional adoption shows no signs of slowing down. Asset managers and hedge funds are increasingly integrating Bitcoin into their portfolios, not just as a speculative asset but as part of a diversified strategy. The continued development of financial instruments like Bitcoin ETFs and custodial solutions has further reduced barriers to entry for traditional finance players.
On the technical front, analysts are closely watching other key levels beyond $107,000. Should BTC manage to break above this zone and hold, the next major resistance could emerge near $112,000, followed by psychological thresholds at $120,000. Conversely, failure to break through could lead to a retest of support in the $100K–$102K range.
Sentiment metrics from the crypto derivatives market also suggest cautious optimism. Open interest in Bitcoin futures has increased, but funding rates remain relatively stable — indicating that the current move is not overly leveraged. This reduces the risk of abrupt liquidations that can trigger sharp price reversals.
In summary, Bitcoin’s recent climb to $105,000 has reignited bullish hopes, especially in light of substantial Binance withdrawals and positive on-chain data. Yet, the path forward hinges on whether BTC can successfully conquer the $107,000 resistance level. With institutional interest rising and macroeconomic tailwinds potentially aligning, the coming days may prove pivotal for Bitcoin’s medium-term trajectory.
As always, traders and investors are advised to stay vigilant, manage risk prudently, and monitor both technical and fundamental developments in this fast-evolving market.