Bitcoin Holds Above $112,500 Amid Whale Sell-Off
Bitcoin (BTC) is trading above $112,500 after falling to $111,042 earlier this week. The drop came as large holders, known as whales, reduced their Bitcoin holdings. If Bitcoin stays above the support level of $111,868, it may recover toward $116,000. However, traders should be careful due to ongoing market volatility.
Whales Reduce Bitcoin Holdings, Increasing Market Pressure
Whales have sold 147,000 BTC in the last two months. This equals about $16.5 billion at the current price of $112,500 per Bitcoin. This large sell-off has added pressure on Bitcoin’s price and may limit short-term gains. If this trend continues, Bitcoin could fall below $110,000.
Institutional interest is also weakening. Ethereum (ETH) spot ETFs in the United States saw outflows of $76 million on Monday and $141 million on Tuesday. Lower demand for these funds may delay Ethereum’s rise to its all-time high of $4,956 and push prices below $4,000.
Altcoins Update: Ethereum Struggles, XRP Shows Signs of Recovery
- Ethereum is trading between $4,066 and $4,247 but faces strong selling pressure. The MACD indicator shows bearish momentum, increasing the risk of a drop below $4,000. Key support levels are the 100-day EMA at $3,846 and the 200-day EMA at $3,385. A move above $4,247 could boost Ethereum toward $4,500.
- XRP is showing early signs of recovery after six days of losses. It is supported by the 100-day EMA near $2.83 and a rising RSI. If XRP moves above this level, it may test the $3.00 resistance. However, failure to hold the 100-day EMA could lead to a drop to $2.70 or lower.
