Bitcoin is holding near the $104,000 support level after facing rejection at the $107,000–$108,000 resistance zone, as traders watch for a potential MACD bullish crossover that could signal a short-term rebound.

With an unfilled CME gap near $104K and growing institutional interest through Bitcoin ETFs like BlackRock and Fidelity, analysts say a confirmed breakout above $108K could ignite a fresh rally toward higher targets.

Bitcoin Price Action: Testing the $104K Zone

Bitcoin (BTC) is currently consolidating around the $104,000 mark after facing rejection near the $107,000–$108,000 resistance zone earlier this week. The decline comes as part of a short-term pullback following a strong rally that pushed the cryptocurrency to fresh local highs.

Bitcoin tests the $104K support and CME gap after a $108K rejection—traders eye a classic Tuesday bounce setup. Source: @TedPillows via X

As of November 11, 2025, Bitcoin price today stands at approximately $104,342, down around 2% in the past 24 hours, with a 24-hour trading volume exceeding $74 billion, according to Brave New Coin’s Bitcoin price index.

Technical analyst @TedPillows highlighted that “$BTC got rejected from the $107,000–$108,000 resistance level. The next key support for Bitcoin is around $104,000, which also has a CME gap.” The mention of a CME gap—a price difference left on the Chicago Mercantile Exchange Bitcoin futures chart when markets reopen—has caught traders’ attention. Historically, more than 80% of Bitcoin CME gaps tend to fill within a short timeframe, hinting that the price could test this level before rebounding.

MACD Bullish Cross Approaching

Adding to the cautiously optimistic outlook, popular crypto trader @AshCrypto shared that a bullish MACD cross appears imminent on Bitcoin’s daily chart. The Moving Average Convergence Divergence (MACD) indicator, which tracks momentum shifts, shows the MACD line gradually approaching the signal line from below.

Bitcoin eyes a rebound as a potential MACD bullish crossover forms near the $104K support zone. Source: @AshCrypto via X

According to on-chain data as of November 11, the MACD sits at -2330.86 versus a signal line at -2221.79, while the histogram has been narrowing from -755.46 on November 7 to -109.07, signaling fading bearish momentum. This pattern typically precedes a trend reversal or the start of a new upward phase.

CME Gap and Historical Context

The CME gap near $104,000 remains a focal point for traders anticipating a technical correction before any major move. CME gaps often form over weekends due to the 24/7 nature of crypto markets versus traditional trading hours. Analysts have observed that Bitcoin frequently revisits these levels, a behavior many traders interpret as an opportunity for re-entry or short-term positioning.

However, while the so-called “Tuesday bottom” pattern—where Bitcoin tends to rebound early in the week—has been cited by some market participants, it lacks robust historical evidence. The claim is based more on recent cyclical trends than long-term data. Still, short-term sentiment suggests that Bitcoin could see renewed buying pressure if the CME gap fills successfully and the price stabilizes above support.

Technical Outlook: Resistance and Structure

Technical analyst MMBTtrader described the $108,000 level as a “make-or-break zone” for Bitcoin, noting that it remains a significant resistance area shaped by multiple technical factors. The level marks a role reversal, shifting from a key support zone to a major resistance point, while a descending trendline continues to cap upside momentum.

Bitcoin consolidates near $107K–$108K resistance, with a breakout above $108K potentially unlocking targets up to $140K. Source: MMBTtrader on TradingView

He added that Bitcoin is also retesting a previously broken bullish structure, which now acts as an overhead barrier. “A confirmed breakout above $108,000 would invalidate the current bearish pressure and open the path toward $120,000–$140,000,” he said. Until that happens, Bitcoin’s short-term structure remains neutral, with solid support established between $100,000 and $104,000.

Final Thoughts

The coming days will be pivotal as traders monitor whether Bitcoin fills the CME gap and confirms a MACD bullish crossover. A sustained move above $108,000 could trigger renewed momentum, while a breakdown below $104,000 may invite further testing of the $100,000 psychological level.

Bitcoin (BTC) was trading at around $104,342, down 2.00% in the last 24 hours at press time. Source: Bitcoin Price via Brave New Coin

For now, Bitcoin remains in a delicate balance between short-term caution and medium-term optimism. As TradingView analyst MMBTtrader put it, “This consolidation phase may be the market catching its breath before the next major breakout.”