107,633 Silent consolidation, the 106,000 defense line is being fiercely defended by a $28 billion buying spree. If 108,000 is broken tonight, the BRC 2.0 bomb bet by 42,000 BTC whales will explode at 114,500!
BTC is currently priced at 107,633, consolidating in the range of 106,500-108,200. In the $28 billion spot trading, institutional buying accounts for over 80%. Technically, 106,000 is the line of life and death. If it breaks through 108,000 with volume, it will open up upward space to 114,500. However, if it loses support, it could plunge to 103,000.
On-chain whales have increased their holdings by 42,000 BTC, betting on the activation of the smart contract ecosystem with the August BRC 2.0 upgrade, combined with BlackRock's ETF continuously accumulating, forming long-term support. Short-term volatility is constrained by the expectations surrounding the Federal Reserve's interest rate cuts.
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