Bitcoin falls below $108,000 after major whale selloff

After a brief rally that saw Bitcoin reach around $111,000, the largest cryptocurrency's price fell again, dropping below $108,000. The sharp decline was driven by major market movements: according to analysts, so-called “whales”—holders of huge amounts of BTC—withdrew over $600 million in Bitcoin onto exchanges. This created significant pressure on the price and triggered a wave of profit-taking among retail investors.

The situation was exacerbated by the fact that the decline coincided with moderately dovish statements from US Federal Reserve officials, who highlighted the uncertainty surrounding future monetary easing. Amid cautious signals from macro markets, crypto investors became more cautious about risky assets, including digital currencies.

Despite short-term weakness, analysts note that the Bitcoin network's fundamentals remain stable. The hash rate continues to grow, and the influx of funds into long-term wallets indicates continued confidence in the asset. However, experts believe the market will be extremely sensitive in the coming days to news about the actions of major holders and macroeconomic data, which could set a new direction for the BTC price.

Source: cryptonews.net