Bitcoin Whales Drive BTC Price Below $109.5K as Market Fluctuates Ahead of US PCE Data
Bitcoin Price Movement
- Whale Influence: Bitcoin (BTC) experienced a nearly 3% drop, falling to local lows of $109,436 on Bitstamp, attributed to selling pressure from large holders, commonly referred to as "whales."
- Liquidations: The market saw approximately $350 million in crypto long liquidations within 24 hours, indicating significant trader losses linked to whale activities.
Market Behavior Analysis
- Recurring Patterns: Traders noted that Bitcoin's price behavior is mirroring patterns observed earlier in August, characterized by phases of consolidation, capitulation, and subsequent rallies.
- Capitulation Phase: Analyst BitBull suggested that Bitcoin is currently in a capitulation phase, which may last for several weeks, potentially offering good entry points for traders.
Market Sentiment and Economic Factors
- Manipulative Actions: Keith Alan, co-founder of Material Indicators, highlighted manipulative tactics by liquidity owners, referring to a specific entity as “Spoofy The Whale,” which engages in deliberate liquidity shifts to influence market prices.
- Inflation Data Impact: The upcoming release of the US Personal Consumption Expenditures (PCE) Index is anticipated to significantly impact Bitcoin's price, with analysts suggesting it could either exacerbate the current downturn or trigger a relief rally.
Conclusion
- Investment Caution: The article emphasizes that trading in cryptocurrencies involves risks, and readers should conduct their own research before making investment decisions.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 36010.729 | 48005.365 | 60280.749 | 72275.385 | 84550.769 | 96545.405 | 108820.789 |
| Fibonacci | 48005.365 | 57276.512 | 63004.237 | 72275.385 | 81546.532 | 87274.257 | 96545.405 |
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