Bitcoin Dips 0.9% as Heavy Volume Tests $102K Support
Bitcoin price fell 0.9% on Nov. 12, sliding from $103,177 to $102,203 after briefly reaching $105,342. A surge in trading volume—27,579 BTC or 138% above the 24-hour average—triggered the breakdown at 2 PM UTC. Price stabilized in a $101,500–$102,200 range during the final eight hours as volume cooled to an average of 165 BTC.
Despite the pullback, spot bitcoin ETFs saw record inflows of $524 million, led by BlackRock’s $224.2 million and Fidelity’s $165.8 million. On-chain metrics revealed elevated exchange inflows of 7,500 BTC per day, signaling profit-taking. Miner hash rate momentum remains strong, offering support against further distribution.
Key levels to watch include support at $102,000 and resistance at $105,050. A sustained drop below $102,000 could target $100,600–$101,200, while reclaiming $105,050 may open a path toward $107,400.
Neutral
The heavy volume breakdown highlights short-term selling pressure, suggesting bearish technical momentum. However, record spot ETF inflows and strong miner hash rate provide significant support. This combination of bearish technicals and bullish institutional demand points to range-bound trading rather than a clear directional move. Traders may see limited upside until Bitcoin reclaims key resistance at $105,050, while a break below $102,000 could trigger further downward tests. Historical pullbacks with simultaneous ETF inflows often lead to consolidation before the next trend emerges, indicating a neutral near-term outlook.