Bitcoin Faces Resistance Near $110,000 as Whale Selling Grows; Altcoins QNT, CAKE, JUP Stand Out Amid Market Consolidation
The cryptocurrency market is experiencing consolidation, with Bitcoin struggling to break above the $110,000 resistance level, resulting in total market capitalization dropping below $3.5 trillion. Bitcoin faces mounting pressure as large holders (whales with over 10,000 BTC) are selling, while smaller whales are accumulating, signaling a mix of declining institutional interest and growing individual confidence. Spot Bitcoin ETF flows have been negative for five consecutive days, underlining hesitant institutional activity. Altcoins such as Quant (QNT), PancakeSwap (CAKE), and Jupiter (JUP) have outperformed the broader market, resisting significant declines. Hyperliquid (HYPE) reached an all-time high above $40, briefly becoming the 11th largest cryptocurrency before retracing. Technical indicators for Bitcoin and key altcoins remain mixed; Litecoin (LTC) faces bearish momentum, with risks of falling toward critical support at $75. Quant’s rally has paused, now in a sideway range with potential for breakout or decline, depending on volume. Market leverage is building above Bitcoin’s recent high, raising the risk of a short squeeze that could trigger over $70 million in liquidations if BTC rebounds. Liquidations remain moderate at $200 million, with some tokens like PI, BONK, SPX6900, and SUI down 4-5%. Traders are cautiously bullish, watching for signals of breakout or deeper decline, but the overall outlook suggests bullish control with potential for Bitcoin to rebound strongly to new highs.
Bullish
Bitcoin is facing short-term resistance and whale selling is causing downward pressure, while institutional flows remain negative as evidenced by spot ETF outflows. However, underlying bullish signals persist: smaller whales are accumulating, leverage is building above recent highs, and traders remain cautiously optimistic. Notably, key altcoins like QNT, CAKE, and JUP are showing resilience, cultivating positive sentiment among traders. The chance of a short squeeze could trigger significant upward price movement for Bitcoin, and the overall outlook suggests bulls remain in control. Therefore, the short-to-mid-term impact is bullish, with potential price rebounds likely if current resistance is overcome.