Bitcoin faced renewed selling pressure on Tuesday, retreating from its latest November peak near $107,500 after a strong rally earlier in the week.
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD failed to maintain momentum at this key resistance level, triggering a pullback toward $104,000.
This price movement filled Bitcoin’s latest “gap” in the CME Group’s Bitcoin futures market — a pattern that has become a recurring feature in recent years.
“Another gap closed within the first few trading days of the week. This has become an incredibly reliable and predictable pattern by now,” trader Daan Crypto Trades said on X.
“Most people are aware of this, so you’d assume at some point it would stop happening. Usually I’d agree, but this has been a high probability event for the past 4–5 years by now.”
Whale Activity Fuels Downward Momentum
Analysts noted that the latest price dip coincided with a significant wave of selling from large holders.
According to data from Material Indicators, Bitcoin whales liquidated roughly $240 million in BTC holdings near the $104,000 mark, intensifying downward pressure.
“Some size sold into $104K price area & renewed short interest,” trader Skew observed, calling it a “pivotal price point.”
With the market cooling off, traders have begun to outline new support levels, including the psychologically important $100,000 threshold.
Derivatives Market Suggests Risk Reset
Despite the decline, some analysts see signs of healthy market consolidation.
CryptoQuant reported that Bitcoin’s open interest (OI) in derivatives dropped by more than 11% in a week, a move that has often preceded recovery phases in the past.
“The 11.32% drop in OI over 7 days is a sign that the market is eliminating speculative risk, which has historically been a precursor to recovery,” analyst GugaOnChain wrote in a recent post.
“While volatility may persist in the short term, the metric suggests that the market is consolidating on a more stable base, setting the stage for a subsequent rally and confirming the thesis that the current region represents a buying opportunity for long-term investors.”
The ongoing deleveraging cycle, the post added, may signal a “strong buying opportunity” for investors who view the current range as a strategic entry point.
Outlook Remains Cautiously Bullish
As Bitcoin stabilizes around $100,000, analysts are closely watching whether bulls can reclaim momentum above $104,000 to reattempt breaking resistance near $107,500.
Market participants remain divided on whether the correction marks a short-term pause or the beginning of a deeper retracement.
Still, with long-term indicators suggesting market reset and reduced leverage, optimism remains that Bitcoin could resume its upward trajectory in the weeks ahead.
