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- BTC struggles to hold $108K amid whale selling.
- Retail buyers support dips, but sellers dominate futures.
- Key technical support levels: $105K, $102.6K, $100K.
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Bitcoin (BTC) is navigating turbulent waters as the price hovers just above $108,000. Investor sentiment remains cautious, with no immediate signs of recovery. Market participants are closely monitoring the effects of long-dormant whale wallets moving billions of BTC, combined with broader macroeconomic uncertainty.
Whale Activity and Futures Pressure
Data from Binance and Coinbase shows that cumulative volume in perpetual futures is heavily skewed toward selling. Traders in the 10,000 to 10 million BTC cohort are offloading positions, outweighing retail spot buying. While retail investors (holding 100 to 10,000 BTC) are actively buying dips, the market’s large-scale liquidity dynamics favor downside risk in the near term.
Lookonchain data also indicates that some Bitcoin whales are converting their BTC holdings into Ethereum (ETH), currently trading around $4,476. This rotation is further weighing on Bitcoin’s short-term price momentum.
Market Sentiment and Macro Factors
Investor caution is compounded by Wall Street closures for Labor Day, reduced inflows into spot BTC ETFs, and weakness in major U.S. indices such as the Dow, S&P 500, and Nasdaq. Additionally, U.S. President Donald Trump’s controversial statements on tariffs and attempts to influence the Federal Reserve have contributed to market unease.
Despite hopes for potential interest rate cuts by the Fed in late September or October, these long-term expectations have not been enough to lift immediate sentiment.
Technical Levels to Watch
From a technical standpoint, Bitcoin continues to show strong buy interest at key levels. Order book analysis indicates bids appearing between $105,000 and $100,000, with deeper liquidity in the $99,000–$92,000 range. A 30-day liquidation heatmap highlights significant downside absorption at around $104,000.
While retail buyers are supporting each dip, overall order book dynamics favor sellers, suggesting continued volatility and potential downward pressure.
Bitcoin remains under pressure as whale selling and futures market dynamics suppress short-term price gains. Investors are advised to monitor key support levels closely while keeping an eye on macroeconomic developments and ETF flows.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
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