Bitcoin Faces Potential Downside Pressure Amid Whale Selling While Ethereum and Shiba Inu Struggle to Sustain Gains
2025-07-16 00:30:56
Main Idea
Bitcoin faces potential downside pressure due to whale selling, while Ethereum struggles to sustain gains above $3,000 and Shiba Inu's breakout attempt fails near the 200-day EMA.
Key Points
1. Bitcoin's rally to $122,000 faced selling pressure after a whale transferred 16,843 BTC to Galaxy Digital, causing a price drop of over $6,000.
2. Ethereum briefly surpassed $3,000 but retreated to $2,980 due to selling pressure and overbought conditions, with key support levels at the 200-day EMA ($2,474) and 50-day EMA ($2,587).
3. Shiba Inu's breakout attempt near the 200-day EMA failed, with the price dropping back after briefly surpassing $0.000013, indicating a lack of sustained buying momentum.
4. Whale activity and large sell-offs are creating volatility in Bitcoin's price, with potential support levels between $107,000 and $110,000 if selling continues.
5. Technical indicators like the RSI suggest overbought conditions for Ethereum and Shiba Inu, increasing the risk of deeper retracements if support levels are breached.
Description
Bitcoin’s recent surge to $122,000 has been met with significant selling pressure from whale investors, signaling a potential shift in market dynamics. Ethereum’s brief breakout above $3,000 failed to hold,
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