Bitcoin plunged and fell below $108,000 mark amid heightened selling pressure and technical deterioration, though analysts warn that support zones are forming with potential for a rebound.
Key Takeaways:
- BTC slid ~13% from its ATH above $124K, bottoming near $107,400–$108,000.
- A whale dumped 24,000 BTC, sparking a flash crash and $800M+ liquidations.
- Support lies at $107K–$109K; resistance at $117K–$123K.
BTC peaked above $124K mid-August before plunging to $107,400 (Aug 30, 1:00 AM UTC), a 7-week low (−13.7%). As of (8:00 AM UTC), BTC trades ~$108,726 (range $108,262–$109,453), per CoinGecko.
Whale Dump of 24,000 BTC Sparks Flash Crash and $800M Liquidations
A whale offloaded 24K BTC, one of the largest dumps in years, causing a flash crash and ~$838M liquidations: $273M BTC and $296M ETH. Soon after, the whale moved funds again, including 10K BTC from a 24.5K wallet, with 2K BTC sent to an exchange.
Analysts Point to Dollar Strength and Profit-Taking
LMX Group market strategist Joel Kruger contextualized the BTC’s price decline, emphasizing Bitcoin is under pressure and factors like renewed U.S. dollar demand, softer equity futures, and profit-taking post-weekend volatility.
He also added that institutional investment remains intact, and maintained a "highly constructive" outlook provided BTC holds above $110K on a weekly close.
Meanwhile, Alex Kuptsikevich, Fx Pro’s chief analyst, emphasized that the recent weekend rally “seems to have attracted new sellers, pushing the coin below its 50-day average,” as liquidity shifts possibly flow toward altcoins such as ETH and SOL.
Real-Time Market Data Shows Neutral Momentum
As of (8:00 AM UTC), BTC ~$108,726 (+0.2% 24h, range $108,262–$109,453). Volume ~$23.35B (1.08% of mcap). MAs slightly bearish (8 SMA $108,983; 13 SMA $108,907; 144 SMA $110,590 as resistance). RSI ~46–47 (neutral).
Key Level Defines Bitcoin’s Next Move
A technical analysis from Investopedia highlights the possibility of bullish trap dynamics, as while BTC reached an all-time high, the RSI failed to confirm the move, indicating waning buying momentum. Critical support stands near $107K, with $100K near the 200-day moving average forming a stronger base if that fails; resistance lies at $117K, with a stretch target near $123K
Outlook: Recovery Hinges on Support Levels
BTC’s sharp decline to the $107K area signifies how fast market sentiment can shift, despite ETF interest and macro tailwinds. Yet, analysts find a silver lining: technical support around $107K–$109K could prove a launchpad for recovery, so long as weekly closes hold above $110K.
Many traders and investors look forward Federal Reserve policy, whale movements, and resistance breakouts.
Summary
Bitcoin fell ~13% from ATH to $107K, triggered by a 24K BTC whale dump and $800M+ liquidations. Analysts see $107K–$109K as crucial support, with recovery possible if BTC weekly closes above $110K.
Sentiment remains fragile: RSI neutral (~46), MAs bearish, and resistance sits at $117K–$123K. BTC’s next leg hinges on macro tone, Fed policy, and whale moves.
