Bitcoin Selling Pressure Intensifies as Price Hovers Near $113,500
Bitcoin selling pressure intensified on Tuesday amid a US stock sell-off, pushing BTC near $113,500 and below its 50-day and 100-day SMAs. This Bitcoin selling pressure triggered over $116 million in long position liquidations within an hour, with bids clustering around key support levels at $112,000 and $110,000. Material Indicators identifies a $25 million liquidity band at $105,000 acting as plunge protection. On-chain fundamentals, such as volume, have weakened even as US spot Bitcoin ETFs saw net outflows of $121 million, led by BlackRock’s IBIT. Market participants now focus on ETF flows and pivotal support levels to determine if BTC can rebound or extend its consolidation. Short-term volatility is likely, but sustained ETF inflows could anchor longer-term momentum.
Bearish
The article highlights renewed Bitcoin selling pressure driven by concurrent US equity declines and significant long liquidation events. Historically, similar episodes – such as May 2021’s 30% correction amid stock market weakness – resulted in extended consolidation below critical moving averages. The clustering of bids at $112,000 and the $105,000 liquidity band may offer technical support, yet persistent net outflows from US spot Bitcoin ETFs signal waning institutional conviction. In the short term, intensified selling pressure and negative ETF flows are likely to keep BTC trading range-bound or trending lower. However, should on-chain fundamentals stabilize and ETF inflows resume, medium-to-long-term recovery could emerge. Overall, the near-term bias remains bearish.