**Bitcoin Price Today Nears $106,239: Recovery in Play as Key Levels Tested**
Bitcoin price today trades close to $106,239, as the market works to reclaim the 20- and 50-day Exponential Moving Averages (EMAs) after a strong defense of the $100,000–$98,500 demand zone. Recent spot flow data shows $26.42 million in net inflows—the first positive shift in several days—while derivatives open interest has climbed 4.15% as traders re-enter the market.
A decisive daily close above $111,177–$116,289 could confirm a trend recovery with targets toward $124,000. However, a sell-off below $100,000 could expose Bitcoin to a drop toward $92,000.
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### Bitcon Attempts Recovery After Trendline Breakdown
During the past week, Bitcoin suffered a breakdown below its multi-month ascending trendline that had underpinned the entire 2025 advance. Sellers pushed the price into the $100,000 to $98,500 demand zone, but buyers defended the level with conviction. Improved risk sentiment—boosted by Donald Trump’s recent remarks suggesting a potential end to the U.S. government shutdown—has supported the current recovery.
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### Buyers Attempt to Reclaim Lost EMAs
On the daily chart, Bitcoin is struggling to close above the 20-day and 50-day EMAs, currently at $107,180 and $110,262. These moving averages have turned into major overhead resistance, capping every rally attempt since late October.
The earlier trendline break was a pivotal event. For almost seven months, Bitcoin respected the rising support line, and its loss signaled a clear shift in seller control. This forced Bitcoin into its first major structural test since the August rally.
**Key Daily Levels:**
– **Resistance Zone:** $107,180 to $111,177
– **Breakout Trigger:** $116,289
– **Support Range:** $100,000 to $98,500
While the current price bounce is encouraging, Bitcoin must decisively clear the EMA cluster to regain bullish momentum. Until then, short-term recoveries could remain reactive, not indicative of a new uptrend.
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### Spot Flows Stabilize After Heavy Distribution
Spot flow data from Coinglass reveals Bitcoin registered $26.42 million in net inflows on November 10th—the first positive figure in days. Historically, a shift from outflows to inflows often occurs near market bottoms on higher timeframes. For bulls, sustained positive spot flows are vital, as they signal real demand rather than mere short covering.
At present, the broader market remains cautious, with traders seeking confirmation that the latest bounce is underpinned by genuine buying interest.
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### Derivatives Open Interest Rises as Traders Position for Next Move
Bitcoin’s derivatives markets indicate growing optimism:
– **Volume Surge:** +77.33%
– **Open Interest Up:** +4.15% to $70.02 billion
– **Options Volume Up:** +123.75%
Rising open interest suggests traders are establishing new positions. On Binance, the long/short ratio currently favors bulls, with top traders holding 2.09 long positions for every short. This bullish skew indicates that many are betting on a sustained recovery rather than anticipating further downside.
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### Retesting Key Trendline: What’s Next for Bitcoin?
Bitcoin is currently retesting the underside of its previously broken trendline. If buyers fail to reclaim this level, it may confirm the beginning of a new short-term downtrend.
**Key Structure Levels to Watch:**
– **Above $111,177:** EMAs may converge as new support
– **Above $116,289:** Trend resumption confirmed, opening a path to $124,000
– **Below $100,000:** Downside risk increases, targeting $92,000
The Supertrend indicator remains red on the daily chart, suggesting sellers still have the upper hand unless Bitcoin convincingly breaks above $111,000.
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### Will Bitcoin Go Up? Outlook
Bitcoin is at a critical juncture. The support zone at $100,000–$98,500 remains intact, and derivatives traders are positioning for upside. The recent shift in spot flows offers early signs that selling pressure may be abating.
– **Bullish Scenario:** A close above $111,177 could shift near-term momentum, while a breakout above $116,289 would confirm the recovery and open the way to $124,000—a level where sellers previously halted the rally.
Keep monitoring these key levels for confirmation of the next major move in Bitcoin.
https://bitcoinethereumnews.com/tech/buyers-face-last-test-as-price-sits-directly-below-trendline/