Bitcoin Faces Potential Downside Pressure Amid Whale Selling While Ethereum and Shiba Inu Struggle to Sustain Gains

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.