Bitcoin Drops Below $110,000 Following $2.7 Billion Whale Sell-Off
Bitcoin (BTC) dropped below $110,000 after a whale sold 24,000 BTC worth about $2.7 billion. This triggered a market reaction that erased $205 billion in crypto market capitalization and led to over $930 million in liquidations in leveraged positions.
The decline marked BTC's lowest point in nearly two months, reaching intraday lows near $109,000. Analysts suggest this correction could extend towards $105,000 based on Elliott Wave patterns.
Technical Signals: Potential Price Levels
- Rejection at $117,000 initiated the current decline.
- Elliott Wave Theory indicates $105,000 as a target, reflecting Wave A's length.
- $107,000–$108,000 range represents significant buying interest due to Fibonacci retracement levels.
- Order clustering at $108,000 may provide a reversal point if buyers enter aggressively.
Market Outlook
- A daily close above $110,000 could change market sentiment.
- Reclaiming $112,000 would indicate the recent drop was corrective.
- Traders should monitor the $108,000 support level closely; failure may lead to further declines toward $105,000.
- A bounce from $108,000 might restore short-term momentum.
Downside risks remain high, with analysts emphasizing the importance of maintaining the $108,000 support level. A recovery above $110,000 would counter the bearish outlook.
