According to CoinDesk Research’s technical analysis data model, bitcoin pulled back in a measured fashion during Tuesday’s trading session, falling from $103,177 to $102,203, while carving out a clear bearish structure after probing session highs above $105,300.
The world’s most valuable cryptocurrency moved within a hefty $3,289 range, with the critical breakdown materializing at 14:00 on a massive volume of 27,579 BTC -138% above the 24-hour moving average.
Trading opened with BTC challenging resistance near $105,050 before momentum shifted decisively lower at 16:00 UTC on November 12 as successive lower highs emerged. Price action stabilized over the past eight hours within a tight consolidation band of $101,500-$102,200 as selling pressure eased on declining volume.
Recent hourly data shows choppy action between $101,940-$102,475, marking a modest bounce from session lows on falling turnover averaging just 165 BTC versus the 24-hour average above 400. The price was posted several failed breakout attempts above $102,400 rejected resistance as buyers defended while buyers defended. $102,000 psychological barrier across three separate tests.
Technical retracement versus institutional demand
The cryptocurrency’s retreat coincided with robust institutional flows, as spot bitcoin ETFs posted $524 million in net inflows on Tuesday — the biggest daily total since Oct. 7. BlackRock’s iShares Bitcoin Trust captured $224.2 million, while Fidelity’s FBTC drew $165.8 million, signaling continued technical weakness.
On-chain metrics reveal distribution pressure during surface stability. Exchange inflow data shows around 7,500 BTC moving to Binance daily on a 30-day basis – the highest rate since March – pointing to ongoing profit-taking activity. Short-term holders with cost basis close to $112,000 are driving significant selling pressure after being underwater for about a month.
Basic mining offers support against distribution concerns, with the hash rate momentum score holding positive territory and trending higher. This indicates continued network strength and miner confidence, unlike typical capitulation patterns that accompany major corrections.
Key technical levels signal range-bound action for BTC
Support/Resistance: Primary support holds at $102,000 psychological level with initial backstop around $101,450; resistance confirmed near $105,050 with secondary barrier at $107,000
Volume analysis: Outstanding selling volume of 27,579 BTC during the breakdown phase, falling to 165 BTC average during the recent consolidation period
Chart Patterns: Bearish structure established with consecutive lower highs until 16:00 followed by stabilization within $101,500-$102,200 trading range
Objectives and risk/reward: Break below $102,000 target $100,600-$101,200 zone; recovery of $105,050 opens the way towards $107,400 resistance level
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial staff to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI policy.
