Bitcoin Holds $108,000 Support Despite September Whale Selling Pressure
Bitcoin (BTC) maintained its critical $108,000 support level despite increased selling pressure from whales on major exchanges like Binance.
September Whale Activity
- Significant fluctuation observed in Bitcoin's market as whales and long-term holders exerted selling pressure.
- Binance's Exchange Inflow Coins Days Destroyed (CDD) indicator showed volatility, signaling whale movements towards selling.
- Exchange CDD spikes were associated with Bitcoin price pullbacks but did not breach the $108K support level.
- The market absorbed these inflows, demonstrating robust underlying demand for BTC.
October Outlook for BTC
- No current surge in taker buy orders, which typically precede bull runs.
- Bitcoin network transactions nearing a key threshold of 600,000, potentially sparking bullish momentum.
- BTC is trading at $113,200, down 0.6% over the past 24 hours.
