'Do Not Fear Ghosts of Fiat,' Says Bitcoin Policy Institute, as Bears Lurk at Resistance

What to know:

• Dip buying lifted bitcoin off support, but rallies stalled at nearby resistance.
• Volume increased on the rebound and then cooled as trading narrowed into a tighter range.
• Focus remains on a clear break from the current band to signal the next directional move.

According to CoinDesk Research's technical analysis data model, bitcoin slid to support, snapped back into resistance, and then settled into a tighter range as activity rose around key levels.

Technical analysis highlights

• Path and range: Trading spanned about $4,296, with price probing a $106,391 low and later testing $110,700 before easing.
• Sell wave: The first leg lower saw 19,395 BTC change hands, described as 78% above typical activity for that phase.
• Rebound impulse: A V-shaped recovery emerged from the low; a 954 BTC burst helped drive price through a nearby ceiling around $110,500 before profit-taking returned.
• Larger cap: The model notes four rejections from $117,500 since August, marking a durable ceiling.

What the patterns mean

• Buyers active at the shelf: Repeated responses near $106,400 indicate demand, but overhead supply continues to lean on rebounds.
• Two-way interest: Accumulation near support met steady selling into strength, keeping trade bounded.
• Range behavior: The bounce failed to stick above the upper band, leaving price action range-bound while positions reset.