Bitcoin Falls Under $110K After $2.7B Whale Dump—$105K Next?
Bitcoin slipped below the $110,000 mark after a whale dumped 24,000 BTC (about $2.7 billion), triggering a sharp market reaction. The sell-off wiped out $205 billion in crypto market capitalization and caused over $930 million in leveraged liquidations. Intraday lows neared $109,000—the weakest in almost two months. Technical analysts point to an Elliott Wave C correction, suggesting a potential drop toward the $105,000 zone, which aligns with Bitcoin’s April Point of Control and the anchored VWAP support line. Conversely, the 61.8% Fibonacci retracement level at $107,000–$108,000, backed by clustered buy orders on Bookmap, could act as a reversal point if buyers intervene. A daily close above $110,000, and especially reclaiming $112,000, would invalidate the bearish case and imply the decline was corrective rather than impulsive. Traders are advised to monitor the $108,000 support zone closely: a breakdown may accelerate the sell-off toward $105,000, while a decisive bounce could restore short-term momentum.
Bearish
The massive $2.7 billion whale sell-off and ensuing $205 billion market cap wipeout signal increased downside pressure. Technical indicators—Elliott Wave C pointing to a $105,000 target and key VWAP and Point of Control supports—underscore a likely continuation of the correction. Historical precedents show that large single-entity dumps often extend pullbacks unless pivotal levels are reclaimed. Although the $107,000–$108,000 Fibonacci zone offers potential relief, failure to hold the $108,000 support may accelerate the slide. Only a sustained close above $110,000 (or a reclaim of $112,000) would shift sentiment to neutral or bullish, but near-term risks remain skewed to the downside.