Bitcoin Price Analysis: BTC Dips 0.9% as Heavy Volume Breakdown Tests Key Support

Bitcoin experienced a 0.9% dip, dropping from a session high of $105,342 to $102,203, as it faced significant selling pressure. The trading volume rose by 138% during the breakdown phase, signaling increased selling activity with 27,579 BTC traded. The price stabilized between $101,500 and $102,200 in the final hours of trading on November 12. Short-term holders, seeing losses from a month of declining prices, contributed to the selling, while institutional demand remained robust with Bitcoin ETFs attracting $524 million in inflows. The main support level is at $102,000, with a secondary backstop around $101,450. Resistance is confirmed near $105,050. Market analysis suggests a bearish structure with consecutive lower highs, indicating ongoing market volatility and profit-taking measures among holders. Future targets may set the price between $100,600 and $101,200 if levels drop further, whereas a recapture above $105,050 could lead to resistance at $107,400.

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