Whale Sales Test Bitcoin’s $105K Support, Risking $90K Slide
Bitcoin’s recent 3.9% rebound to $117,300 faded, as onchain data points to broad whale selling. Wallets holding 10–100 BTC flipped to net sellers above $118K, while larger holders remain distributors. The 100–1,000 BTC cohort is defending $105K, marking the last strong support before a possible drop to $92K–$89K. Realized price bands show short-term holders sit near $111,900, versus longer-term cost bases around $90K. Seasonal weakness in August–September and fading spot ETF enthusiasm add bearish risks. If Bitcoin loses $105K, sparse cost support until $90K could trigger accelerated selling. Traders should watch the $105K level, onchain distribution, and ETF flows for signs of further downside.
Bearish
The news highlights intensifying whale selling and a bearish weekly engulfing candle, signaling uniform distribution across 10–100 BTC and larger wallets. The $105K level emerges as critical support; its breach could trigger a swift decline to $90K–$92K due to sparse cost bases in this range. Historical seasonality (August–September declines up to 39.8%) and spot ETF fatigue further reinforce downside pressure. Similar past breakdowns below key supports have prompted rapid sell-offs and market capitulation. In the short term, traders may face increased volatility around $105K, while a confirmed break could undermine market confidence, leading to longer-term bearish sentiment until fresh demand appears near $90K.