Bitcoin Price nears $113.500 Despite a New US Sale

Important points

• Bitcoin sales pressure rises as US stock prices fall at Wall Street’s opening.

• BTC almost reaches $113.500 after over $100 Million in longs are liquidated within an hour.

• ETF flows now crucial as blockchain fundamentals start “weakening.”

BitcoinBTCThe US dollar fell near its two-week low on Tuesday as the selling pressure increased.

BTC Price Action “not a sign of strength”

The Data of Cointelegraph Markets Pro You can also find out more about the following: TradingView showed BTC/USD dropping beneath $114,000.

As US stocks fell, Bitcoin and altcoins also did. At the time this was written, the Nasdaq Composite Index had fallen by 1.2%.

BTC long positions are subject to an ongoing squeezeThey added an additional $116 Million to their total in just one hour.

The Data of CoinGlass also showed bids lining up around the $112,000 mark — already a point of interest for market participants.

“TLDR: The $107k – $110k range is coming into focus,” Keith Alan, the cofounder and trading resource Material Indicators summarizes in part his latest post On X.

“This is not a sign of strength for $BTC. The downward pressure is palpable, but bulls are trying to find their footing.”

Alan pointed out the simple moving average 100 days at $110,950, and the 50 day counterpart now at $115 875 as important to claim.

On exchange order books, Material Indicators identified a $25 million band of liquidIt is a good idea to get a hold of someone else.y at $105,000 — “plunge protection” against a deeper market rout.

“This bid liquidity does not look like it aims to get filled. It was placed to heard liquidity upward. If it fails to accomplish that and price reverts, I expect it to get rugged or moved before it gets filled,” it commented A chart of whale orders and liquidity is shown alongside.

Demand for bitcoin ETFs in the spotlight

Its latest publication, the Market Pulse Glassnode’s onchain analytics company also released updates that highlighted a divergence in price movement and demand from institutions.

Related: Bitcoin won’t go below $100K ‘this cycle’ as $145K target remains: Analyst

Despite the influx of money into investment vehicles such as US Bitcoin ETFs, there were still inflows to other types. “weakening” Onchain signals, such as volume.

“With profit-taking on the rise, the sustainability of institutional flows and renewed buyer conviction in both spot and futures will determine whether this contraction stabilizes into fresh upward momentum or extends into deeper consolidation,” It reported.

According to data provided by UK-based investment firm, the ETFs saw a net outflow on Monday of $121million. Farside Investors. BlackRock’s iShares Bitcoin Trust, the largest ETF offered by BlackRock (IBIT), experienced its first withdrawals since August 5.

The article is not intended to provide investment advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making any kind of financial decisions.