BTC Bull Flag Breakout No Work; 80K BTC Whale Dey Move, 10% Risk
For July 4, Bitcoin price drop almost 2% reach around $107,456 because US nonfarm payroll data strong pass wetin dem expect and hope for Fed rate cut dey go fade. Low trading volume cause by US Independence Day holiday make market down small more, 24-hour crypto volume reduce by 33% to $94.6 billion. Big altcoins like SPX6900, Ethena, Dogwifhat and Pepe reduce 6–9% because people dey take profit and worries about trade war. The drop con cancel seven-week bull flag breakout and cause $35.9 million long positions liquidations, make Bitcoin market cap reduce to $2.136 trillion. Meanwhile, 80,000 BTC wey never move since Satoshi time move on-chain first time in 14.3 years, add $8.68 billion selling pressure. Technical signs show key support at $107,373–$107,611: if price close below, e fit open 8–10% correction to $97,000–$98,000, but if e hold above, e fit try test $120,000 again. Traders suppose dey watch Bitcoin price support, whale moves, rising ETF demand and falling exchange supply for short-term direction.
Bearish
Di seven week bull flag fail plus subsequent $35.9 million long liquidations dey show short-term selling pressure, plus na 80,000 BTC from Satoshi-era coins wey dem move on-chain dey reinforce am. Macro wahala like strong US payroll data plus di fallin hope say Fed go reduce rate join low holiday trading volume dey weigh down Bitcoin price. Even though long-term fundamental dem like ETF demand and exchange supply wey dey fall still dey support, di immediate technical setup dey show say if key support for $107,373–$107,611 break, e get 8–10% downside risk.