Bitcoin News: Bitcoin Next Key Level at $108,500 Amid Sideways Price Performance

Bitcoin is back above $105,000 after a week of decline that saw it fall below $100,000 and struggle to regain its footing. The resurgence has now led analysts to predict that $108,000 might be its next target.

According to Glassnode analysts, the rebound means Bitcoin is now above its 75th percentile cost basis, which is $100,000.

Will Bitcoin Climb Above $108,000?

However, its next major support level is $108,500, which is its 85th percentile cost basis. Analysts believe Bitcoin’s ability to cross this level could be crucial to its recovery. This is because it has historically marked the resistance zone for the flagship asset during periods of recovery.

So far, Bitcoin has been consolidating around $106,000 over the past 24 hours after climbing up from below $102,000 on November 9. However, it is unclear whether the asset will be able to achieve the recovery.

Already, experts have warned of volatility, noting the several liquidity clusters the asset is facing. CryptoQuant community analyst JA_Maarturn noted that volatility is highly likely because a major liquidity cluster exists around $107,000.

He wrote:

Still, the resurgence represents a positive sign, especially as it appears to be driven by a surge in demand for Bitcoin. This marks the first time since October 7 that Bitcoin demand will be in a growing mode.

A sign of that spike in demand is in how Strategy announced the purchase of additional Bitcoin today. The Bitcoin treasury company continues to double down on accumulation despite price troubles.

Selling Pressure Could Prove Biggest Challenge for BTC

Even then, the bigger challenge is whether the selling pressure from short-term and long-term holders will ease. That currently looks unlikely given aggressive capitulation by new whales.

According to CryptoQuant analyst MorenoDV, new bitcoin whales have realized over $1.3 billion in losses over the last six days. This is one of the biggest selling streaks in 2025, indicating that these whales are capitulating, i.e., selling in panic.

The selling pressure, coupled with a drop in demand as evidenced by a drop in Bitcoin ETF flows, is driving the decline. Data shows that BlackRock IBIT had $570 million in weekly outflow last week, its highest in nine months.

Despite the new whale capitulation and contraction in demand, Bitcoin has shown resilience by remaining above $100,000. Analysts credit this to great whales, i.e., holders with more than 10,000 BTC accumulating more.

Still, it is challenging to predict where the market will head, as massive realized losses, such as this one, usually precede volatility spikes that can go either way.

Moreno said:

“Historically, such periods of realized loss concentration have often preceded volatility spikes, either marking local bottoms or leading to further deleveraging depending on market liquidity conditions.”

Market observers are now watching to see whether the market will absorb further selling pressure or break down. A worrying sign is that the stablecoin supply is starting to decline, which could indicate a cooling of liquidity.