The leading cryptocurrency, Bitcoin (BTC), has seen a slight decline of 1.2% as it approaches the crucial $100,000 support level. Over the past 24 hours, the asset slipped from a high of $103,413 to its current price around $101,775, remaining below the significant resistance at $102,000.
This 1.24% drop occurred amidst a market characterized by low trading volume, which was only 2.11% above the weekly average. Such conditions highlight a cautious stance among market participants despite Bitcoin”s proximity to the psychologically important $100,000 threshold.
The selling pressure notably increased around 15:00 UTC, when approximately 27,579 BTC changed hands, a figure reflecting a 189% surge above the 24-hour moving average. This spike in volume coincided with buyers struggling to maintain momentum above the $105,200 mark, confirming the presence of strong resistance in that range.
Intraday trading data indicates that Bitcoin attempted to recover from a low of $101,625, briefly reaching $102,154 before encountering resistance near the $102,000 level once again. The session peaked in buying activity between 17:37 and 17:40 UTC, yet the momentum dissipated before overcoming the resistance barrier.
Market analysts note that institutional players, such as investor Dan Tapiero, are projecting long-term targets of $180,000 while also warning of potential corrections of up to 70%. To navigate this uncertainty, sophisticated investors are increasingly utilizing options for hedging rather than outright bearish strategies. For instance, open interest in December 2025 $98,000 puts surged by 43%, while March 2026 $80,000 puts rose by 31%, indicating a focus on risk management as the price holds above the pivotal $100,000 mark.
Technical analysis suggests that Bitcoin is nearing its 365-day moving average, a historically significant support level. A breach of this line in mid-2022 had previously triggered a sharp decline of 66%.
In terms of key technical levels, primary support is currently observed at $101,625, derived from Tuesday”s lows, with the critical psychological support resting at $100,000. Conversely, resistance has been established in the $105,200 to $105,340 range, following a high-volume selling event.
Volume analysis reveals that the peak selling volume of 27,579 BTC at 15:00 UTC marked a significant breakdown for the session. Subsequent recovery attempts have been characterized by lighter trading volumes, suggesting a period of consolidation rather than a definitive directional move.
Chart patterns indicate that Bitcoin has fallen below the ascending trendline established from overnight lows, producing consecutive lower highs following a rejection at 13:00 UTC. The current price action appears confined within a range between $101,700 and $102,000.
Looking ahead, the next upside target for Bitcoin lies at the $102,150 resistance level, as identified during Tuesday”s recovery peak. However, if the critical $100,000 support level fails to hold, there is the potential for a deeper pullback towards $92,000.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk”s full AI Policy.
