Bitcoin has slipped below $116,000, as a surge in whale-led selling intensifies market pressure. A dormant whale address moved an estimated 30,000 BTC (~$3.5B) to exchanges, contributing to over 80,000 BTC dumped in recent weeks—sending bearish ripples through the market.
This spike in supply has outpaced weakening demand—spot ETF inflows sharply slowed, while volatility surged. Bitcoin broke beneath its 7-day moving average (~$118K) and the 23.6% Fibonacci retracement (≈$118,859). The MACD histogram turned strongly negative, and long positions worth over $530 million were liquidated, signaling waning bullish momentum.
Bottom line:
Massive whale sell-offs and drying ETF demand have pushed Bitcoin into a technical breakdown, despite brief support tests near $115K–$116K. As liquidity dries up, the market looks weak—prompting investors to wait for stabilizing signals before re-entry.
