Key Takeaways:
- Bitcoin rejected at $107K amid renewed “OG selling pressure.”
- $104K–$100K remains critical support; failure could lead to $93K.
- Analysts say macro and ETF inflows are key for the next BTC rally.
Bitcoin Rejected at $107K — Market Awaits Direction
Bitcoin’s bullish momentum hit a wall this week after failing to hold above the critical $107,000 resistance level, signaling renewed market uncertainty. Despite briefly touching $107,465, BTC quickly reversed, sparking talk among traders of a potential double-top formation and a pending correction below $100,000.
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Market data from Cointelegraph Markets Pro and TradingView confirmed that bulls were unable to sustain their breakout attempt, with price action hinting at renewed “OG selling pressure” — a reference to long-term holders taking profits at key resistance zones.
CME Gap and Key Support Levels in Focus
Crypto investor Ted Pillows highlighted that the latest CME Bitcoin futures gap sits below the current spot price, suggesting room for a downside fill before any sustainable recovery. “The next key support for Bitcoin is around $104,000, which also has a CME gap,” he said, adding that Bitcoin “usually bottoms on Tuesday,” implying a potential short-term bounce once that level is tested.
Also Read: Bitcoin Nears All-Time High as Ethereum and XRP Hold Key Support Levels
Similarly, trader Michaël van de Poppe noted that the $103K–$100K range is the real battleground. “The big question is now: Will BTC hold at $103K? If not, we could see a deeper test toward $90K–$93K,” he warned.
The inability to flip $107K into support also adds pressure on the broader crypto market, where sentiment remains cautious following weeks of volatility.
“OG Selling Pressure” and Macro Conditions Weigh on Bulls
According to QCP Capital, a Singapore-based trading firm, Bitcoin’s next rally depends heavily on broader economic tailwinds and ETF inflows. “A sustained spot recovery, supported by macro tailwinds and stabilizing ETF inflows, could rekindle demand,” the firm noted in its Asia Color update.
Without these factors, analysts fear that early holders — or “OGs” — may continue taking profits, keeping BTC capped below its psychological $110K threshold.
Will Bulls Regain Control?
For now, Bitcoin’s path forward hinges on its ability to defend $104K–$100K support. A rebound from this zone could renew bullish sentiment, while a breakdown risks a slide toward $93K.
Traders are watching closely — because the next decisive move could determine whether Bitcoin’s bull market resumes or stalls below six figures once again.
