Bitcoin Pulls Back From $105K Highs, Holds Near $102K Support
Bitcoin (BTC) retreated on Tuesday after testing session highs above $105,300, with strong selling pressure pushing prices toward the $102,000 psychological level. According to CoinDesk Research’s technical analysis, BTC slid from $103,177 to $102,203, forming a bearish structure after multiple failed breakout attempts.
The cryptocurrency traded within a $3,289 range, with the key breakdown occurring at 2:00 PM UTC on 27,579 BTC—138% above the 24-hour average. Following resistance near $105,050, BTC formed consecutive lower highs through 4:00 PM UTC, then stabilized in a $101,500–$102,200 consolidation range as selling pressure eased.
Hourly data shows price fluctuating between $101,940–$102,475, with repeated rejections above $102,400. Buyers defended the $102,000 level across multiple tests, while trading volume declined to 165 BTC, well below the 24-hour mean of over 400 BTC.
Institutional Flows and On-Chain Activity
Despite the pullback, institutional demand remained strong. Spot Bitcoin ETFs posted $524 million in net inflows, the largest daily total since October 7. BlackRock’s iShares Bitcoin Trust saw $224.2 million inflows, and Fidelity’s FBTC added $165.8 million.
On-chain metrics indicate profit-taking pressures, with roughly 7,500 BTC moving to Binance daily—the highest level since March. Short-term holders with cost basis near $112,000 contributed to selling, while mining fundamentals remain positive, with hash rate momentum trending higher, reflecting network strength and miner confidence.
Technical Levels & Outlook
- Support: $102,000 (primary), $101,450 (secondary)
- Resistance: $105,050 (primary), $107,000 (secondary)
- Volume: 27,579 BTC during breakdown; 165 BTC during consolidation
- Chart Patterns: Consecutive lower highs, stabilizing in $101,500–$102,200 range
- Targets: A break below $102,000 risks $100,600–$101,200; reclaiming $105,050 could open a path toward $107,400
Bitcoin remains range-bound, supported by institutional inflows and miner confidence, even as short-term selling continues to test the market near $102K.
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