Bitcoin Market Update
Selling pressure on Bitcoin (BTC) is intensifying as the price briefly touched $113,000, its lowest in nearly two weeks. Over $100M in long positions were liquidated within a single hour, underscoring just how fragile sentiment has become.
Key Levels & Market Signals:
Analysts are now watching the $107K–$110K range as critical short-term support.
The 100-day SMA near $111K could provide a cushion, while the 50-day SMA at $115.8K must be reclaimed for momentum to turn bullish again.
Exchange order books reveal a $25M bid wall at $105K, dubbed “plunge protection,” though some traders suspect it’s more psychological than real buying intent.
ETF Flows in the Spotlight:
Despite the sell-off, institutional flows remain the wild card. U.S. spot Bitcoin ETFs just saw a $121M net outflow, with BlackRock’s IBIT posting its first withdrawals since Aug. 5. If inflows return, they could help stabilize price action; if not, further downside may open up.
Sentiment Snapshot:
– Bears: Calling for a dip to $105K–$107K before stabilization.
– Bulls: Point to strong ETF inflows earlier this month and expect demand to revive once selling pressure eases.
– Neutral traders: Eyeing the Jackson Hole Symposium and Fed signals as the next macro trigger.
Speculative Take:
This isn’t just about price action — it’s about conviction. If institutional buyers hold the line, BTC could bounce back quickly. But if ETF outflows persist and whales pull liquidity, we may see an extended consolidation phase.
