According to CoinDesk Research’s technical analysis data model, bitcoin retreated from recent peaks on Tuesday, falling from $103,413 to $101,775 as the world’s largest cryptocurrency consolidated below the key resistance at $102,000. The 1.24% drop came on tepid volume of just 2.11% above the seven-day averages, indicating cautious participation in the market despite the proximity to the critical $100,000 psychological support level.
Selling pressure intensified at 15:00 GUMTMT when 27,579 BTC were traded (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 overall resistance and Bitcoin’s struggle to advance beyond ascending trend lines from overnight lows.
Sixty-minute data shows volatile recovery attempts, with bitcoin bouncing from $101,625 to $102,154 before stalling near current levels. The rally generated peak volume between 17:37 and 17:40 UTC, marking the highest buying interest of the session, although momentum faded at the $102,000 barrier.
Defensive positioning versus supporting evidence.
With institutional investor Dan Tapiero projecting targets of $180,000 and warning of possible 70% corrections, sophisticated money is building protective positions through derivatives markets. The $98,000 December 2025 puts gained 43% in open interest, while the $80,000 March 2026 puts gained 31%, indicating portfolio hedging rather than outright bearish bets.
Options activity reflects risk management as bitcoin remains above $100,000. This defensive positioning coincides with technical charts showing bitcoin approaching the 365-day moving average, a historically strong support that, when broken in mid-2022, preceded a 66% drop.
Key technical levels indicate range-bound action for BTC
Support/Resistance: Primary support remains at $101,625 from Tuesday’s lows, with important psychological support at $100,000. Resistance is confirmed in the $105,200-$105,340 zone following the climax of high volume selling.
Volume analysis: The maximum sell volume of 27,579 BTC at 15:00 UTC marked the breakout of the session, while subsequent recovery attempts with lighter volume suggest consolidation rather than directional conviction.
Chart Patterns: Bitcoin broke below the ascending trend line from the overnight lows, printing consecutive lower highs since the 1:00 PM rejection. The price action indicated trading within a range between $101,700 and $102,000.
Objectives and risk/reward: The next upside target lies at the $102,150 resistance from Tuesday’s recovery peak. Downside risk extends towards psychological support at $100,000, with potential for a deeper pullback towards $92,000 if the key level is broken.
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and were reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s full AI Policy.
