Important points:
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Bitcoin closes the CME futures gap over the weekend, but bulls are struggling to generate a reversal in Bitcoin price.
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According to our analysis, Bitcoin whales are being sold at high local prices.
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Derivatives traders continue to avoid risk with $100,000 balances.
Bitcoin (BTC) performed a classic futures “gap fill” after Tuesday’s Wall Street trading as traders looked for a rebound.
BTC price suffers from decline in new exchanges
According to data from Cointelegraph Markets Pro and TradingView, BTC price trend reached a new high near $107,500 in November, before falling further.
This formed a key resistance zone that the bulls could not overcome, and BTC/USD turned lower.
In doing so, the pair closed the most recent weekend “gap” ($104,000) in the CME Group Bitcoin futures market. As reported by Cointelegraph, these gaps often serve as short-term targets for BTC price.
“The gap closed further within the first few business days of the week, which has now become an incredibly reliable and predictable pattern,” trader Daan Crypto Trades said in a reply to X.
“Most people are aware of this, so you would think that at some point it will stop happening. Usually, I agree, but this has been happening at a very high rate for the past four to five years to date.”
However, the pullback has yet to occur, and trading resource Material Indicators warned that a sharp selloff by $240 million worth of Bitcoin whales contributed to the decline.
FireCharts is $BTC Order form.
Interestingly, brown mega whales account for only about $3 million of that. pic.twitter.com/Bm2TqrMldx
— Material Indicator (@MI_Algos) November 11, 2025
“Some size has been sold into the $104,000 price range, creating new short interest,” added trader Skew.
“This is a key price point.”
Previously, market participants outlined currently relevant BTC price support targets, including levels below $100,000.
Bitcoin derivatives focus on “strong buying opportunity”
While the price fluctuated around $100,000, analysis revealed a significant risk-off movement among derivatives traders.
Related: “The most hated bull run ever?” 5 things to know about Bitcoin this week
On-chain analytics platform CryptoQuant revealed in one of its “Quicktake” blog posts that Open Interest (OI) has fallen by more than 11% in just one week.
“The 11.32% decline in OI in 7 days shows that the market is weeding out speculative risk, which has historically been a precursor to recovery,” wrote contributor GugaOnChain.
“While volatility may continue in the short term, this indicator suggests that the market is consolidating on a more stable footing, setting the stage for a subsequent rally and confirming the hypothesis that the current region represents a buying opportunity for long-term investors.”
The post added that the current deleveraging event “suggests a strong buying opportunity.”
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.