Bitcoin (BTC-USD) Holds Above $112K as Whale Selling Meets Institutional Demand
BTC Price Consolidation Around $113K Ceiling
Bitcoin (BTC-USD) is trading at $112,569–$112,830, holding a narrow range after dipping to $111,200 earlier in the session and topping at $113,226. The market cap stands at $2.24 trillion, with 24-hour volume near $39.5 billion. Intraday resistance has tightened between $113,200–$113,500, with $114,000 acting as a psychological ceiling. Momentum remains fragile as whales have liquidated roughly 115,000 BTC ($12.7 billion) over the past month — the heaviest selling since 2022 — creating nervous undertones despite price resilience.
Institutional Buys Offset Whale Liquidations
Heavy selling contrasts with new accumulation by corporate treasuries. Strategy Inc. (NASDAQ:MSTR, formerly MicroStrategy) purchased 1,955 BTC for $217.4M at an average $111,196, lifting its holdings to 638,460 BTC worth over $7.1B. Japan’s Metaplanet (TYO:3350) added 136 BTC ($1.52M), bringing its balance to 20.1 BTC, while El Salvador marked the anniversary of Bitcoin’s legal tender law with a 21 BTC buy. Yet, spot Bitcoin ETFs posted $368M in outflows last week, far below July’s billion-dollar inflows. Simultaneously, Ethereum ETFs absorbed over $200M in inflows, signaling capital rotation into ETH as a competing reserve asset.
Macro Drivers: Fed Cuts and Liquidity Surge
BTC is benefiting from a softer macro backdrop. The U.S. jobs report revised growth down by 911K, boosting the probability of a Fed rate cut on Sept 17 to nearly 100% (CME FedWatch). Lower yields and a weaker dollar are historically constructive for crypto, but enthusiasm remains muted compared to gold, which set new highs at $3,691/oz, and the S&P 500 at 6,500. Traders are cautious: while monetary easing reduces downside risk, it hasn’t yet translated into breakout demand for BTC.
Technical Breakdown: Bullish Staircase vs. ETF Drag
The 4-hour chart shows higher lows since a local bottom at $109,343, with buyers stepping in near $111,500. Support zones cluster at $111,000–$110,600, while a breakdown exposes $109,000 and possibly $107,000. Resistance stands at $113,500–$114,000, then $120,000–$124,000 if volume confirms. Daily RSI sits at 50.5, neutral but leaning bullish; momentum remains positive at 3,777, while MACD is negative at −961, reflecting consolidation. MAs paint a mixed picture: short-term 10–30 day averages cluster around $111,800–$113,500, while 100- and 200-day EMAs support at much lower levels, underlining structural strength.
