BTC aims for the daily high before Wall Street opens on Wednesday, with bulls actively vying for the $105,000 level.

Key points:

BTC steadily rises during U.S. trading hours, with traders looking to retest $107,000.

There is a divergence in the market regarding whether prices can re-establish this area as support.

Withdrawal data from the Binance platform provides analysts with grounds to maintain a bullish outlook on BTC prices.

Data from Cointelegraph Markets Pro and TradingView shows that BTC prices have demonstrated strong momentum in a short time frame.

After filling the latest weekend "gap" in the CME Bitcoin futures market, BTC/USD first took time to establish a new local low before starting to move upward.

This trend continues the pattern of higher lows since November 5, with the relative strength index (RSI) showing bullish divergence signals on the hourly chart.

Trader Daan Crypto Trades pointed out on the X platform: "There is an upward trend on lower time frames. But a breakout above the $107,000 area is needed. If this happens, it will be a nice deviation and return to the range."

Fellow trader Crypto Tony holds a different view, believing that the price will not successfully re-establish that resistance level, describing $107,400 as the "perfect short zone."

$BTC / $USD - Update A bounce up to $107,400 please. Would be the perfect short zone if we get there pic.twitter.com/BTuMVaWS0V

Trader Luca is focused on another failed attempt to regain support—this time from a bullish support band formed by two moving averages, predicting "further price consolidation" in the market.

Luca explained to his fans on the X platform: "If the price falls below the purple support range, I would consider hedging part of my spot position to mitigate short-term downside risk, as this could open the door for a deeper pullback on lower time frames." He also attached an explanatory chart.

On-chain analysis platform CryptoQuant offered a more optimistic interpretation of the day's market.

The platform observed that Binance users have begun to withdraw BTC in large quantities, which may signal the arrival of a new "accumulation" phase.

"At the beginning of November, Binance recorded a sudden surge in Bitcoin withdrawal transactions—one of the largest withdrawal waves of 2025," noted CryptoQuant analyst XWIN Research Japan in a Quicktake blog post.

XWIN pointed out that the large withdrawals closely coincided with the time BTC prices reached $103,000.

"Additionally, over-the-counter trading activity significantly increased during this period, indicating a rise in private transfers to custody wallets—another clear sign of active participation from institutional investors," the analyst added.

Related: As corporate treasuries continue to expand, Strategy's Bitcoin (BTC) dominance fell to 60% in October.

This article does not constitute any investment advice or recommendation. All investment and trading activities carry risks, and readers should conduct their own research before making decisions.

Original article: “Bitcoin price taps $105K, analysts flag massive Binance withdrawals”

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