$BTC đ Why Did Bitcoin Plunge After Reaching $108,899?
Large holders, or whales, took profits as BTC peaked, moving $2.4 billion to exchanges, increasing selling pressure. Excessive leverage on platforms like Binance and Deribit led to over $1.1 billion in long liquidations, fueling the downturn. Big players often push prices above resistance to trigger stop-loss hunts, then reverse to collect liquidity, especially near Fibonacci levels and RSI divergences around $108.9K. Meanwhile, âsell-the-newsâ sentiment emerged over regulatory rumors and U.S. governmentâseized coins, dampening enthusiasm. Technical factorsâresistance at $108.9K, overbought RSIâalso contributed. Support levels to watch include $95K, $92.8K (38.2% Fibonacci), and $89K (long-term MA). Some see this as healthy consolidation, setting up for another surge, while others warn of a dip to $88â90K before a rebound.