Bitcoin Price Analysis: BTC Slips 1.2% as Volume Thins Near $100K Support

Bitcoin experienced a decline of 1.24%, trading at $101,558 amid declining trading volume across major exchanges. The drop followed a high-volume rejection at the resistance level of $105,200, which had confirmed strong selling pressure following a 189% volume spike during the selling session. Institutions are using options to build hedges against potential downturns, with December and March put options showing significant accumulation. Bitcoin is currently consolidating just above key psychological support at $100,000, having slid from a recent peak of $103,413. The volume analysis demonstrates a lack of conviction in market direction despite attempts to recover, pointing to range-bound trading between $101,700 and $102,000. Key support levels are identified at $101,625, with the risk of a deeper pullback towards $92,000 if the critical support level falters. Investors are cautious, reflecting on previous instances where breaking key moving averages has preceded sharp corrections, with a noted potential target of $180,000 for Bitcoin according to institutional projections.

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