According to CoinDesk Research’s technical analysis data model, bitcoin pulled back in a measured manner during the trading session on Tuesday, falling from $103,177 to $102,203 while creating a clear bearish structure after testing session highs above $105,300.
The world’s most valuable cryptocurrency moved within a considerable range of $3,289, with the critical breakout materializing at 2:00 pm 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 fell decisively until 4:00 pm UTC on November 12 as consecutive lower highs emerged. Price action stabilized over the last eight hours within a tight consolidation band of $101,500 to $102,200 as selling pressure eased due to reduced volume.
Recent hourly data shows choppy action between $101,940-$102,475, marking a modest rebound from session lows with declining turnover averaging just 165 BTC versus the 24-hour moving average above 400. Price recorded multiple failed breakout attempts above the $102,400 resistance with repeated rejections, while buyers stepped in to defend the psychological barrier of $102,000 in three separate tests.
Technical setback versus institutional demand
The cryptocurrency’s pullback coincided with strong institutional flows, as spot bitcoin ETFs recorded $524 million in net inflows on Tuesday, the highest daily total since October 7. BlackRock’s iShares Bitcoin Trust captured $224.2 million while Fidelity’s FBTC netted $165.8 million, indicating sustained institutional appetite despite technical weakness.
Chain metrics reveal distribution pressures below surface stability. Forex inflow data shows approximately 7,500 BTC moving to Binance daily for 30 days, the highest rate since March, pointing to ongoing profit-taking activity. Short-term holders with a cost base near $112,000 are generating significant selling pressure, having remained underwater for about a month.
Mining fundamentals offer support against distribution concerns as hash rate momentum scores remain in positive territory and trend upward. This indicates continued network strength and miner confidence, in contrast to the typical patterns of capitulation that accompany major corrections.
Key technical levels indicate range-bound action for BTC
Support/Resistance: Primary support remains at the psychological level of $102,000 with initial support around $101,450; confirmed resistance near $105,050 with secondary barrier at $107,000
Volume analysis: Outstanding sales volume of 27,579 BTC during the breakout phase, decreasing to an average of 165 BTC during the recent consolidation period.
Chart Patterns: Bearish structure established with consecutive lower highs until 4:00 pm, followed by stabilization within the $101,500-$102,200 trading range
Objectives and risk/reward: Breaking below $102,000 targets the $100,600-$101,200 zone; Recovery of $105,050 paves the way towards the resistance level of $107,400
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.
