Bitcoin (BTC) has shown renewed activity following a recent intraday dip, prompting traders and analysts to monitor critical resistance and support levels.
After touching the $93,000 range on November 17, 2025, the cryptocurrency rebounded, suggesting a potential short-term recovery, though caution remains due to market volatility.
Understanding the CME Gap and Recent Price Action
The recent dip in Bitcoin coincided with an unfilled CME gap around $92,000. CME gaps occur when futures prices, traded on the Chicago Mercantile Exchange (CME), move outside the previous closing range without corresponding spot market activity. These gaps often attract liquidity-seeking traders and historically have been revisited about 80% of the time, according to TradingView historical data.
Bitcoin briefly dipped to $93K before bouncing, eyeing $98K while the $92K CME gap looms. Source: @TedPillows via X
Independent market observer TedPillows, who tracks derivatives and cryptocurrency flows, noted that “the next key level for Bitcoin to reclaim is $98,000, as it could increase the likelihood of a local bottom.” Following the $93,789 low, Bitcoin recovered to approximately $94,500, with CoinDesk reporting rising accumulation by large holders, or “whales,” which may indicate growing buy interest at lower price ranges.
Institutional Activity and the Coinbase Premium Index
Institutional flows continue to shape short-term Bitcoin dynamics. The Coinbase Bitcoin Premium Index, which measures the price difference between Coinbase’s USD pair and other major exchanges such as Binance, recently recorded negative values around -1.2% on November 17, 2025. A negative premium generally indicates weaker demand from U.S.-based spot buyers or temporary selling pressure, often associated with institutional trading strategies.
Institutions are continuously offloading Bitcoin, adding pressure to the market. Source: @TedPillows via X
As TedPillows noted on X, “Institutions are nonstop selling BTC right now,” though analysts emphasize that a negative premium does not necessarily equate to large-scale liquidation. Institutional players often operate across CME futures, ETFs, and OTC desks, causing premiums to fluctuate intraday.
At the time of reporting, Bitcoin was trading near $92,600, with market participants split between concerns over continued volatility and expectations of a rebound once selling pressure eases.
Short-Term Technical Outlook
Technical analysis indicates Bitcoin may be forming a short-term bullish reversal. According to TradingView analyst MrMartin_11, price action has respected a descending channel on intraday and daily charts. “The latest bounce from the upper boundary suggests increasing buy interest. If bulls break above key resistance and sustain the move, analyst projections indicate the $98K–$104K range could become a target band,” he said.
Bitcoin bounces off the descending channel, hinting at a possible short-term rally toward the $98K–$104K resistance zone. Source: MrMartin_11 on TradingView
The descending channel represents a series of lower highs and lower lows. Breaking above this structure on higher volume is often interpreted as a potential trend reversal signal. Analysts caution, however, that technical setups in high-volatility markets can change rapidly, and resistance levels may cap upside if selling pressure intensifies.
Risk Factors and Alternative Scenarios
While short-term bullish scenarios exist, traders should consider conditions that could invalidate them:
Failure to sustain above $98,000 resistance could reinforce bearish pressure.
Rapid ETF outflows or renewed institutional selling may pressure the price lower.
Macro factors, such as interest rate announcements or regulatory updates, could amplify volatility.
These factors highlight the importance of monitoring both technical patterns and broader market conditions rather than relying solely on historical price tendencies.
Final Thoughts
Bitcoin’s recent rebound from the $93,000 range highlights the market’s ongoing volatility and the influence of technical and institutional factors on price action. While short-term bullish signals—such as the bounce from the descending channel and rising whale accumulation—suggest potential upside toward the $98K–$104K resistance zone, traders should approach these levels cautiously.
Bitcoin was trading at around 92,990, down 1.06% in the last 24 hours at press time. Source: Bitcoin price via Brave New Coin
Key technical concepts like the CME gap and shifts in the Coinbase Premium Index provide insights into market behavior but do not guarantee outcomes. Institutional activity, macroeconomic developments, and broader market sentiment can rapidly alter trends.