- Bitcoin trades near $106K resistance, a decisive level for its next major price direction.
- ETF withdrawals exceed $2B as institutional investors reduce exposure amid rising market caution.
- Analysts foresee a possible final correction wave before Bitcoin targets $116K–$130K in recovery.
Bitcoin is trading near a decisive technical level that could determine its next major trend direction. After forming two major cycles on the 4-hour chart, price consolidation is seen around $103,728. Analysts identify $106,000 as the key zone separating potential continuation or deeper retracement. At the time of writing, Bitcoin was trading at $102,192.
Bitcoin Consolidates Below Resistance as Market Awaits Breakout Confirmation
According to analysis prepared by Gem Detector, the $106,000 zone remains the key support and resistance area defining Bitcoin’s short-term outlook. The 4-hour chart shows that if Bitcoin breaks and sustains above this level, the next target stands at $116,000, with a potential setup for a new all-time high near $130,000.
However, failure to break above $106,000 may result in renewed downside toward the $92,000 zone in the worst case. Recent candles indicate price stabilization between $99,954 and $106,033, showing that traders are waiting for confirmation before taking new positions.
Data shows a short-term equilibrium as Bitcoin consolidates after sharp advances and corrections. The $106,000 resistance level continues to act as a reaction point where buyers and sellers compete for control. Market momentum now depends on volume inflows and whether price can close above this zone on strong demand.
ETF Outflows and Futures Data Reflect Caution Among Market Participants
According to data from Farside, U.S. spot Bitcoin ETFs recorded over $2 billion in withdrawals across six consecutive trading days. This marks the second-largest outflow streak in history, showing restrained institutional participation. Tuesday alone saw $566 million pulled from ETF products, while daily totals continue to fluctuate amid reduced risk appetite.
At the same time, open interest in Bitcoin futures declined to about $68.5 billion, reflecting liquidation of long positions. Nearly $21 million worth of long contracts were closed in the last 24 hours. Analysts interpret this as a cautious reduction in leveraged exposure as the market seeks a new equilibrium.
According to analyst Matthew Dixon, Bitcoin may still complete a corrective ABC pattern before starting a fresh upward wave toward $124,000. He stated that “a final fifth wave down could form a perfect correction before the next push higher.”
