On November 13, technical analysis from CoinDesk Research indicated that Bitcoin (BTC) experienced an orderly pullback during Tuesday's trading session, retreating from $103,177 to $102,203 after forming a clear bearish structure upon testing highs above $105,300. Moneta Markets FX noted that Bitcoin fluctuated within a wide range of $3,289 during the day, with a key breakdown occurring at 14:00 UTC, when trading volume surged to 27,579 BTC—approximately 138% above the 24-hour moving average. This high-volume decline suggested a typical profit-taking phase following short-term gains.
In early trading, Bitcoin attempted to breach the $105,050 resistance level, but as momentum waned, prices recorded successively lower highs before 16:00 UTC, signaling weakening buying pressure. Subsequently, the price consolidated within a range of $101,500 to $102,200 for about eight hours, with volume shrinking to just 165 BTC—far below the 24-hour average of 400 BTC. Moneta Markets FX interpreted this sharp contraction in volume as a sign of cautious market sentiment, with short-term traders awaiting a directional breakout. Despite multiple failed attempts to surpass $102,400, buy-side support held firm at the psychological $102,000 level, successfully defending the zone three times, indicating strong underlying demand.
From a structural perspective, Moneta Markets FX observed that the market has entered a typical consolidation phase. Repeated tests of lower price levels alongside gradually declining volume often signal temporary exhaustion of selling pressure, laying the groundwork for a potential rebound. A sustained consolidation above $102,000, followed by a volume-backed rally, could pave the way for a retest of $105,050. Conversely, a breakdown below this support may open the door to further declines toward $101,200 or even $100,600.
Despite short-term technical weakness, institutional inflows painted a contrasting picture. On Tuesday, Bitcoin spot ETFs recorded net inflows totaling $524 million—the largest single-day inflow since October 7. Moneta Markets FX highlighted that this data reflects unwavering confidence among long-term investors despite near-term price pressure. BlackRock’s iShares Bitcoin Trust attracted $224.2 million in inflows, while Fidelity’s FBTC saw $165.8 million, demonstrating institutional accumulation on dips and providing medium-term market support.
On-chain data revealed divergence, however. Exchange inflows showed approximately 7,500 BTC flowing into Binance daily over the past 30 days—the highest level since March—indicating some holders opted to cash out at elevated prices. Moneta Markets FX noted that short-term holders’ cost basis clusters around $112,000, with a month of unrealized losses prompting partial sell-offs, which remains a limiting factor for upward momentum. Mining fundamentals, however, stayed robust. The hash rate momentum indicator remained positive and rising, signaling strong miner confidence without signs of network security deterioration—a stark contrast to historical capitulation phases during steep declines.
Technically, Moneta Markets FX identified key support at $102,000, with preliminary support at $101,450, while resistance stands at $105,050 and secondary resistance at $107,000. A decisive close above $105,050 could initiate an upward channel targeting $107,400. The market has largely absorbed the 27,579 BTC sell-off, with recent volume stabilizing around 165 BTC, suggesting reduced short-term volatility.
Overall, Moneta Markets FX views Bitcoin’s current pullback as a healthy technical correction, supported by sustained institutional inflows and resilient mining fundamentals. While short-term consolidation between $101,500 and $105,000 is likely, the medium-term trend remains cautiously bullish. Investors may find improving risk-reward ratios for accumulation above $102,000, though a breakdown below this level warrants caution for deeper retracements. Traders are advised to monitor volume shifts and ETF flow trends for directional confirmation.