The price of Bitcoin has risen by about 2.8% in the last 24 hours and is close to $92,500. The daily chart still shows a clean structure of an 'inverse head and shoulders' pointing to $108,500, but all attempts to break this level have been halted.
Two clear reasons explain why the breakout is not happening — and there is still a possibility of reversal, should both change in favor of Bitcoin.
A resistant level and weak support from whales continue to hinder the advance
Bitcoin continues following the inverted head and shoulders formation that began on November 16. The structure remains valid, but the level of $93,700 has rejected all clear breakout attempts so far. As long as the price of Bitcoin does not close above this level, the pattern does not confirm.
The second factor is the positioning of large investors.
Investors with at least 1,000 BTC have been reducing their positions since November 19. The indicator hit a monthly low of 1,303 on December 3 and remains close to this level. This weakens each attempt to overcome the resistance, as the group responsible for confirming large breakouts remains cautious.
A similar situation was observed between December 2 and 3.
The price of Bitcoin reached $93,400, but the number of large investors fell from 1,316 to 1,303. Shortly thereafter, the price retreated to $89,300 — a drop of about 4.4%.
When the price rises and large investors reduce their exposure, the movement tends to lose strength, as heavyweight buyers do not sustain the rise.
These two factors — the barrier of $93,700 and the caution of large investors — explain why the breakout of the BTC price has yet to occur. Since none of the issues are structural, a reversal is still possible if the scenario changes.
A possible path: short squeeze movement can boost the price of Bitcoin.
The second part of the scenario is more positive. Even without support from large investors, Bitcoin shows a strong configuration of 'short squeeze', which could force a breakout.
On Binance, liquidations of short positions in the last 30 days total about $3.66 billion, compared to $2.22 billion in long positions. Short operations are nearly 50% above longs, creating pressure that can be quickly undone if Bitcoin surpasses $93,700.
This mechanism has already shown itself a few times this month.
Small movements of 1–2% have turned into more intense rises as short positions were liquidated.
BREAKING: Bitcoin just broke $94,400 and it’s now up $4,400 in the last 2 hours.
ETH has also reclaimed $3,350.
The crypto market has added $156 billion in the last 4 hours, and $254 million worth of shorts have been liquidated in the same time.
This is massive short squeeze. pic.twitter.com/jvPvcc98ZA
— Bull Theory (@BullTheoryio) December 9, 2025
If Bitcoin records a daily close above $93,700, the pressure may gain enough strength to break $94,600, the next important level. At this point, the participation of large investors may cease to be crucial for driving the rise. Only the strength of the movement can raise the price even further. And, with this acceleration, large investors may feel more confident to enter.
Above $93,700 and $94,600, the path opens up to $105,200. Surpassing this range, Bitcoin is positioned to reach the projected target at $108,500, an advance of approximately 15.7% from the breakout line.
The inverted head and shoulders pattern remains valid above $83,800. A drop below $80,500 invalidates the structure and increases the risk of a more significant correction, should large investors continue to reduce their positions.
At the moment, the scenario is this: two factors prevent the breakout — the resistance line and the caution of large investors — and both can still be reversed if buyers surpass $93,700 or if the short squeeze prevails.
The article Bitcoin’s Advancement to $108,500 fails for two reasons; understand it was first seen on BeInCrypto Brazil.
