According to CoinDesk Research’s technical analysis data model, bitcoin pulled back from recent highs on Tuesday, falling from $103,413 to $101,775 as the world’s largest cryptocurrency consolidated below key $102,000 resistance. The 1.24% decline unfolded on tepid volume just 2.11% above the seven-day moving average, signaling cautious market participation despite proximity to the critical psychological support level of $100,000.
The selling pressure intensified at 15:00 GUMTMT as 27,579 BTC traded hands -189% above the 24-hour moving average – as buyers failed to maintain momentum above $105,200. This breakout from the session high of $105,342 confirmed strong overhead resistance and Bitcoin’s struggle to advance beyond rising trend lines from overnight lows.
Sixty-minute data shows fleeting recovery attempts, with bitcoin jumping from $101,625 to $102,154 before stalling near current levels. The rally generated peak volume between 17:37-17:40 UTC, marking the session’s strongest buying interest, although momentum slowed at the $102,000 barrier.
Defensive positioning versus support tests
With institutional investor Dan Tapiero projecting $180,000 targets while warning of potential 70% corrections, sophisticated money is building protective positions through derivatives markets. December 2025 $98,000 puts rose 43% in open interest, while March 2026 $80,000 puts rose 31%, indicating portfolio hedging rather than outright bearish bets.
The options activity reflects risk management as bitcoin holds above $100,000. This defensive positioning coincides with technical charts showing bitcoin’s approach to the 365-day moving average – a historically strong support that, when broken in mid-2022, preceded a 66% crash.
Key technical levels signal range-bound action for BTC
Support/Resistance: Primary support holds at $101,625 from Tuesday’s low, with major psychological support at $100,000. Resistance confirmed at $105,200-$105,340 zone after high-volume selling climax.
Volume analysis: Maximum sales volume of 27,579 BTC at 15:00 UTC marked session collapse, while subsequent recovery attempts on lesser volume suggest consolidation rather than directional conviction.
Chart Patterns: Bitcoin broke below rising trendline from overnight lows, printing consecutive lower highs from 1pm rejection. Price action indicated range-bound trading between $101,700-$102,000.
Objectives and risk/reward: The next upside target is $102,150 resistance from Tuesday’s rebound. Downside risk extends towards $100,000 psychological support, with a deeper pullback potential towards $92,000 if the key level is broken.
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.
