Bitcoin’s $106,400 Pivotal Moment: Bullish Breakout or Bearish Retreat?

As of November 21, 2025, Bitcoin stands at a critical juncture, trading around the $106,400 level that has historically determined significant market movements. This price threshold represents a make-or-break moment for the world's leading cryptocurrency. A successful acceptance above this level could trigger a substantial bullish rally, potentially pushing Bitcoin toward the $114,000 to $120,000 range, marking new all-time highs and confirming the continuation of the long-term uptrend. However, failure to maintain this crucial support could result in a significant correction, with potential downside targets in the high-$90,000 range. The market's direction heavily depends on renewed institutional demand, particularly through ETF inflows, which have recently experienced concerning net outflows totaling $946 million. This development has created uncertainty among investors and traders alike, as institutional participation has been a key driver of Bitcoin's recent price appreciation. Market analysts are closely monitoring trading volumes and order book depth around this critical level, watching for signs of either accumulation or distribution. The $106,400 level has previously served as both strong resistance and support, making its current test particularly significant for determining medium-term price direction. Technical indicators suggest that a decisive break above this level with sustained volume could open the path for substantial gains, while rejection might lead to consolidation or deeper correction. The cryptocurrency community remains divided, with bulls pointing to Bitcoin's fundamental strength and increasing adoption, while bears highlight the recent ETF outflow concerns and potential macroeconomic headwinds. This pivotal moment comes amid ongoing global economic uncertainty and evolving regulatory landscapes for digital assets worldwide.

Bitcoin Faces Critical Test at $106,400 as Market Awaits Next Move

Bitcoin hovers at a pivotal $106,400 level, a threshold that has historically dictated bullish breakouts or bearish reversals. Acceptance above this price could propel BTC toward $114,000–$120,000, while rejection may trigger a retreat to the high-$90,000 range. The market’s direction hinges on fresh demand, particularly from ETF inflows, which have recently seen $946 million in net outflows.

The $106,400 band acts as this cycle’s fair-value axis, serving as both support and resistance. A sustained hold above $126,272 WOULD signal bullish continuation, but current flows lack the 5- to 10-day streak of net creations needed to confirm momentum. Traders await clarity on whether institutional interest can reignite the rally.

Ledger Considers NY IPO as Crypto Hardware Demand Grows Amid Security Concerns

Ledger, the Paris-based cryptocurrency hardware wallet manufacturer, is exploring a potential initial public offering in New York or private fundraising round for 2025. The MOVE comes as demand for offline storage solutions surges alongside record-breaking cryptocurrency thefts this year.

CEO Pascal Gauthier highlighted the company's strategic focus on U.S. expansion, noting New York's dominance in crypto investment capital compared to European markets. Ledger's USB-style devices currently secure approximately $100 billion in digital assets, including Bitcoin (BTC), with reported revenues reaching triple-digit millions in 2025.

The hardware wallet market is seeing unprecedented growth as blockchain analytics firm Chainalysis reports $2.2 billion in crypto stolen during the first half of 2025 - already exceeding 2024's total. About 23% of these thefts targeted individual wallets directly, driving adoption of cold storage solutions.

Bitcoin Faces Short-Term Pressure but Maintains Long-Term Strength

Bitcoin's price dipped 3.03% to $100,265, reflecting broader bearish sentiment. Despite recent losses—18.32% over the past month—the cryptocurrency remains resilient, up 33.78% year-over-year.

Volatility has tapered, with the current cycle oscillating between $104,520 and $99,013. Market sentiment remains bleak, as the Fear & Greed Index registers 'Extreme Fear' at 24. Yet, Bitcoin's six-figure price dwarfs its $74,947 valuation from a year ago, underscoring its enduring appeal.

Trump Media’s 2025 Bitcoin Bet: A Risky Move or a Strategic Investment?

Trump Media and Technology Group reported a $54.8 million loss in Q3 despite holding Bitcoin, raising questions about its financial stability. Revenue declined to $972,900, down from over $1 million the previous year. The company’s pivot to bitcoin investments has drawn scrutiny amid its struggling stock price, which has plummeted 61% year to date.

Despite the losses, TRUMP Media’s Bitcoin holdings generated $15.3 million in realized income, with an additional $33 million in unrealized gains from Cronos. CEO Devin Nunes framed the quarter as a turning point, emphasizing Bitcoin’s role in securing the company’s financial future. The firm plans to double down on cryptocurrency investments, signaling a high-risk, high-reward strategy.

Bitcoin Eyes CME Gap at $104K as Risk Appetite Returns

Bitcoin traders are closely watching a $6,210 gap in CME futures between Friday's close at $104,160 and Sunday's open at $110,370. These gaps, created when spot prices move during the exchange's weekend closure, have closed within 48 hours in over two-thirds of cases since 2022.

The cryptocurrency's current spot price NEAR $105,900 sits midway through the gap zone. Market participants await either a 'fill' through the lower boundary or continuation above it. Risk assets broadly gained after Washington moved closer to resolving its government shutdown, weakening the dollar and Treasury yields.

CME gaps frequently act as magnets for price action, with traders interpreting them as indicators of near-term direction. The weekend rally came amid improved sentiment across crypto and traditional markets.

Bitcoin Surges Past $106,000 Amid Macroeconomic Tailwinds

Bitcoin breached $106,000 today as Federal Reserve policy shifts and political developments ignited bullish momentum. The cryptocurrency's rebound follows a prolonged consolidation phase, with liquidity conditions now favoring risk assets.

The Fed's decision to halt balance sheet reduction and reinvest in Treasury bonds signals renewed monetary accommodation. New York Fed President John Williams hinted at potential asset purchases, a historical precursor to crypto rallies. Market participants interpret this as institutional validation of bitcoin's liquidity absorption role.

Washington's impending resolution of the budget standoff may unlock Treasury General Account funds, injecting billions into financial markets. This dual catalyst—monetary easing and fiscal clarity—creates ideal conditions for speculative capital flows into digital assets.