Bitcoin Price Dips 0.9% as Heavy Volume Breakdown Tests Key Support
Bitcoin experienced a measured retreat, dropping from $103,177 to $102,203 and forming a bearish structure after reaching session highs above $105,300. The cryptocurrency traded within a $3,289 range, with significant volume spikes during a critical breakdown. Institutional demand remained strong, with spot Bitcoin ETFs recording $524 million in net inflows. Despite profit-taking pressures and increased exchange inflows, mining fundamentals and network strength provided support. Key technical levels include $102,000 as primary support and $105,050 as resistance, suggesting range-bound price action with potential downward and upward breakouts.
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Bitcoin's Measured Retreat During Tuesday's Session
According to CoinDesk Research's technical analysis, Bitcoin (BTC) experienced a measured retreat on Tuesday, sliding from $103,177 to $102,203 after reaching session highs above $105,300. The cryptocurrency moved within a large $3,289 range, with a significant breakdown at 2:00 PM accompanied by massive volume of 27,579 BTC — 138% above the 24-hour moving average.
Session Dynamics and Momentum Shifts
Trading activity began with BTC testing resistance near $105,050, but momentum shifted lower through 4:00 PM UTC on Nov. 12, forming consecutive lower highs. By the final eight hours, price action stabilized within a tight $101,500-$102,200 consolidation range, as selling pressure eased on shrinking volume.
Choppy Action and Resistance Levels
Recent data indicates choppy price movement between $101,940-$102,475, showing a modest bounce from session lows. Despite this, breakout attempts above $102,400 resistance repeatedly failed, while buyers defended the key psychological level of $102,000 in three separate tests.
Institutional Demand Amid Technical Weakness
Institutional inflows coincided with Bitcoin's pullback. Spot BTC ETFs observed $524 million in net inflows, marking the largest daily total since Oct. 7. Among the institutional players, BlackRock's iShares Bitcoin Trust captured $224.2 million, while Fidelity's FBTC drew $165.8 million, signaling sustained appetite from major investors despite ongoing technical challenges.
On-Chain Metrics and Distribution Pressures
On-chain data highlighted distribution pressures beneath surface stability. Exchange inflows revealed approximately 7,500 BTC moving to Binance daily (on a 30-day basis) — the highest since March — suggesting active profit-taking. Short-term holders with a cost basis near $112,000 contributed significant selling, having remained underwater for around one month.
Mining Fundamentals Provide Support
Mining fundamentals remain strong, with hash rate momentum scores holding positive and trending higher. This reflects sustained network strength and miner confidence, offering reassurance against typical capitulation patterns that often accompany major price corrections.
Key Technical Levels and Market Outlook
Support/Resistance: Primary support resides at $102,000, with initial backstop near $101,450. Resistance is confirmed around $105,050, with a secondary barrier at $107,000.
Volume Analysis: During the breakdown phase, exceptional selling activity reached 27,579 BTC. More recent consolidation periods saw average volume drop to just 165 BTC.
Chart Patterns: A bearish structure was established with consecutive lower highs, followed by stabilization within the $101,500-$102,200 range.
Targets & Risk/Reward: A breakdown below $102,000 could target the $100,600-$101,200 zone, while reclaiming the $105,050 level could pave the way towards the $107,400 resistance.
Disclaimer
Parts of this article were generated using AI tools and subsequently reviewed by CoinDesk's editorial team to ensure accuracy and meet content standards. For more information, see CoinDesk's AI Policy.