- Bitcoin struggles at $110K resistance, will it crash below $100,000?
- Whale supply declines—could Bitcoin face a major pullback soon?
- Bitcoin’s next move: Breakthrough or fall under $100,000 support?
Bitcoin is hitting crucial resistance levels, leaving investors wondering if the cryptocurrency will break through or fall back below $100,000. As of the latest update, Bitcoin is trading at $111,018, showing a modest 0.63% increase in the past 24 hours. With a market capitalization now exceeding $2.21 trillion and trading volumes surpassing $47 billion, Bitcoin’s price action remains under scrutiny.
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Struggling to Break Resistance at $110,700
Bitcoin recently touched the upper boundary of a descending channel around $110,700, a level that has proven difficult to break. According to analyst Ali Martinez, the failure to get through at this stage several times now indicates that the buyers are struggling to pick up steam.
Consequently, Bitcoin can even experience a pullback to $107,200 in the short term. The pressure could even decrease further to reach $103,000. Thus, this is a crucial range that would dictate the direction of Bitcoin in the next few days, provided that the decline pressure eventually persists.
Decline in Whale Supply Signals Potential Risks
A key on-chain metric indicates that Bitcoin’s whale supply is steadily declining, which could signal a change in the market dynamics. According to Glassnode data, the average size of Bitcoin in the hands of each whale is down to only 488 BTC, the last point this indicator reached in December 2018. This may indicate that large holders are declining their exposure, which may lead to a greater risk of a pullback when smaller investors and institutions fail to soak up the supply.
Although such redistribution of Bitcoin among small investors can help stabilize the market, it also creates a risk when the demand of retail or institutional investors decreases. The fact that the whale has not accumulated once could put greater pressure on the Bitcoin price in this situation. The support is about $58,000- $60,000, and the Resistance is about $72,000.
Historical Patterns Suggest a Potential Pullback
Despite the technical challenges and declining whale supply, Bitcoin’s correction remains within historical norms. According to CryptoQuant, Bitcoin has not fixed above 28 percent in the current bull market. The latest 12 percent decline from its all-time high of $123,000 falls within the standard percentage of 20 to 25 percent.
This implies that the pullback at hand could be a normal market cycle rather than a more severe contraction.
With Bitcoin still struggling to push resistance at $110,700, everyone is waiting to see whether it will break this or drop below the critical level of $100,000. Investors will be closely watching these key support and resistance levels to gauge the next significant move in the world’s largest cryptocurrency.
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