Bitcoin Price Prediction: BTC-USD Hits $113K as Whale Selling Battles Strategy $217M Buy
Bitcoin continues to trade above $112K, showcasing resilience in the face of whale liquidations and institutional buys. The current range sees Bitcoin trading between $112,569 and $112,830, after dropping to $111,200 and peaking at $113,226. The total market capitalization hovers around $2.24 trillion, with a 24-hour volume close to $39.5 billion. The key resistance level lies at $113,200–$113,500, with a psychological ceiling at $114,000.
Despite significant whale liquidations amounting to approximately 115,000 BTC, equivalent to $12.7 billion in the past month, big players like Strategy Inc. are actively purchasing Bitcoin. Strategy Inc. acquired 1,955 BTC for $217.4 million, elevating their total holdings to 638,460 BTC, valued at over $7.1 billion. Similarly, other entities like Japan’s Metaplanet and even countries like El Salvador are adding to their Bitcoin portfolios. However, Bitcoin ETFs saw significant outflows last week, in stark contrast to the inflows witnessed in July. This development coincided with Ethereum ETFs absorbing over $200 million in inflows, indicating a shift in capital towards Ethereum as a competing reserve asset.
Bitcoin’s current positive performance is also supported by macroeconomic indicators, particularly the potential for a Federal Reserve rate cut. The recent U.S. jobs report led to a downward revision of 911,000 jobs, heightening expectations for a rate cut on September 17 to near certainty. This scenario, coupled with lower yields and a weaker dollar, historically bodes well for the crypto market. However, the enthusiasm for Bitcoin remains somewhat tempered compared to other assets like gold and the S&P 500.
Technically, Bitcoin is exhibiting a bullish trend. The 4-hour chart shows higher lows post a local bottom at $109,343, with strong buyer support around $111,500. Key support zones are identified around $111,000–$110,600, with further downside risks if these levels are breached. On the upside, resistance lies at $113,500–$114,000, and potentially $120,000–$124,000 if confirmed by volume. The daily RSI is neutral at 50.5 but leans towards a bullish bias, momentum remains positive at 3,777, and the MACD reflects consolidation at -961. Moving averages present a mixed outlook, with short-term averages clustered between $111,800–$113,500 and longer-term EMAs providing structural support at lower levels.
