Bitcoin price rebounds to $105k as Binance sees massive BTC withdrawals
The bitcoin price extended its higher-low pattern from early November and briefly hit $105,000. Traders remain cautious around the key resistance zone at $107,000. Analyst Daan Crypto Trades says a successful break above $107,000 would confirm a bullish bias, while Crypto Tony describes $107,400 as an ideal short zone. Luca warns of deeper pullbacks if prices fall below the moving-average support band, prompting potential hedging on spot positions. On-chain data from CryptoQuant highlights one of the largest Binance BTC withdrawals of 2025, coinciding with bitcoin price touching $103,000. Increased OTC desk activity suggests institutional accumulation. Overall, these large withdrawals and accumulation patterns signal a bullish outlook, though short-term resistance may spur consolidation.
Bullish
Large BTC withdrawals from Binance often indicate accumulation, analogous to past bull-phase entry points. The bitcoin price’s higher-low structure since early November underpins medium-term bullish momentum. Mixed trader views on the $107,000 resistance suggest short-term volatility, but the surge in on-chain flows and OTC activity points to growing institutional demand. Historically, similar withdrawal spikes preceded significant rallies, reinforcing a bullish outlook. In the short term, traders may face consolidation or pullbacks around resistance zones. However, sustained accumulation supports an upward trajectory over the longer term, as market depth and institutional participation strengthen.