Bitcoin Faces Bearish Pressure as Price Stalls Below $108K Amid Whale Selling and Key Support Tests
Bitcoin (BTC) recently dropped from its yearly high to around $104,650, facing a 6.52% decline amid rising geopolitical tensions and evolving technical factors. Options data from Deribit show increased hedging, with a high put-to-call ratio and significant open interest clustered around the $100,000 strike—revealing traders’ expectations of further downside. Despite spot Bitcoin ETFs receiving $216 million in inflows, signaling sustained investor interest, bearish momentum persists. The price action now consolidates within a tightening range, repeatedly failing to break above $108,000 resistance. Key technical indicators, including RSI readings below 50 on both daily and 4-hour charts, point to weakening momentum. Chart patterns reveal a bearish double top, a descending triangle, and falling below the 50-period EMA. BTC is currently trading between liquidity zones, with buyers defending the $101,000–$103,000 area but struggling to regain upward momentum. Sell-side pressure is evident around $103,500, and a break below the $102,000–$103,000 liquidity zone risks a further drop to the psychological $100,000 level. On-chain data highlights exchange whale ratios climbing above 0.55, a one-year high, suggesting large holders may be preparing to sell. Historically, increased whale activity ahead of flat price action often leads to downside or sharp volatility. Unless bulls reclaim the $108,000 resistance and flip it into support, traders should be prepared for potential liquidity sweeps and further selling below $100,000.
Bearish
Recent price action shows Bitcoin struggling below the $108,000 resistance, with persistent failed attempts to break higher. Multiple technical indicators, such as high put-to-call ratios, a dominant bearish double-top pattern, and RSIs below 50, point toward weakening bullish momentum and rising downside risk. The emergence of a descending triangle and pressure at key liquidity zones, alongside increasing whale activity on exchanges, suggest large holders may be preparing to sell, which historically leads to further declines or increased volatility. Unless Bitcoin bulls can reclaim $108,000 and convert it to support, the market remains vulnerable to liquidity sweeps below $100,000 and intensified selling pressure. While ETF inflows indicate ongoing investor interest, the short-term outlook remains bearish until technical resistance and whale selling trends reverse.