Bitcoin faces mounting downside risk as on-chain data reveals a rapid decline in large holder activity alongside deteriorating technical indicators. Significant whale withdrawals have sparked concern within cryptocurrency markets, with addresses holding 1,000-10,000 BTC plunging from 2,037 to 1,982 within a 10-day span.
Concurrently, whale inflows to exchanges have accelerated, rising from 0.5 to 0.52 within a critical three-day window. This shift culminated in Galaxy Digital depositing over 10,000 BTC ($1.18 billion) onto exchanges within hours, signaling institutional apprehension amid worsening price action.
Technical charts show Bitcoin breached the crucial 100-period exponential moving average (EMA) barrier while signaling an impending death crossover. The 20-period EMA nears a bearish cross below the 50-period EMA, compounding negative momentum.
The $113,000 threshold emerges as Bitcoin’s decisive support level, according to Fibonacci retracement analysis. Failure to hold could expose BTC to sequential tests of $110,000 and $107,000 zones, potentially triggering accelerated sell pressure.