A 24,000 BTC whale sale sparked roughly $900M of forced liquidations and pushed BTC toward $109k. We explore the drivers, key technical lines, and a simple buy plan.
Bitcoin is currently trading around112039.74after sliding from an August 14 high above $124k and hitting a seven week low this week, majorly due to rapid profit taking and short-term volatility. Traders saw a sharp unwind that trimmed recent gains and exposed fragile near-term support.
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What’s Driving Today’s Drop
Over the weekend a single large transfer of about 24,000 BTC coincided with a sharp price move, which market trackers linked to sudden sell pressure and exchange flows.
That event helped spark roughly $900M in liquidations across crypto derivatives in the following 24 hours, compressing levered long positions and amplifying the decline.
At the same time U.S. spot bitcoin ETFs showed recurring daily net outflows in mid August, including single-day flows near $190M in some trackers, which removed an important source of demand.
Finally, macro headlines and earlier Fed comments that hinted at eventual rate cuts briefly boosted risk assets, then prompted profit taking when flows did not follow through.
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Levels And Positioning To Watch
Spot activity today has stayed roughly between $109k and $112k, with intraday touches under $110k recorded on major venues.
Traders flag $107k as the first material support and $100k as the deeper structural floor, a level that sits near the 200 day moving average that crossed the $100k mark this month.
Derivatives metrics matter here, funding rates briefly flipped negative during the washout and open interest pulled back, which suggests short-term deleveraging rather than a shift to long term capitulation.
Watch daily ETF flow tallies and whether funding and open interest re-stabilize; those will decide if sellers finish the move or buyers step in.
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Is It A Smart Buy Right Now?
Bitcoin remains a smart buy for investors who approach it with patience and discipline.
At InvestingHaven, we view Bitcoin as a long-term asset rather than a quick trade. Strategic entry points, dollar-cost averaging, and a multi-year horizon can make BTC an effective hedge against inflation and market uncertainty.
RECOMMENDED: Do Not Invest in Bitcoin or XRP Before You Know This
Conclusion
Today’s weakness is likely due to a large wallet sale, heavy liquidations, and muted ETF demand. For investors, measured scaling with risk limits fits; for traders, wait for clear derivatives calm and flow stabilization before adding exposure.
Check out our full Bitcoin price prediction for a full understanding of where the price of BTC might go next
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