🚨 #Bitcoin is under "suffocating" selling pressure as the price falls to nearly $113.5K, the lowest level in 2 weeks. In 1 hour, over $100M long positions were wiped out.
📉 The support zone is being closely monitored: $107K–$110K, with the SMA100 at $110.9K considered a significant barrier. The SMA50 at $115.8K needs to be regained soon to reverse the trend.
🛡️ Notably, there is $25M liquidity placed around $105K – referred to as "plunge protection," but it may be withdrawn if the price continues to weaken.
💸 Although ETFs were once the main driving force, the capital flow has reversed: on August 19, an outflow of $121M was recorded, with BlackRock IBIT withdrawing funds for the first time since August 5.
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🚨 #Bitcoin is under "suffocating" selling pressure as the price falls to nearly $113.5K, the lowest level in 2 weeks. In 1 hour, over $100M long positions were wiped out.
📉 The support zone is being closely monitored: $107K–$110K, with the SMA100 at $110.9K considered a significant barrier. The SMA50 at $115.8K needs to be regained soon to reverse the trend.
🛡️ Notably, there is $25M liquidity placed around $105K – referred to as "plunge protection," but it may be withdrawn if the price continues to weaken.
💸 Although ETFs were once the main driving force, the capital flow has reversed: on August 19, an outflow of $121M was recorded, with BlackRock IBIT withdrawing funds for the first time since August 5.
#BTC is entering a real testing phase.