Bitcoin (BTC) tumbled below the critical $110,000 mark on Tuesday after a whale offloaded 24,000 BTC worth approximately $2.7 billion.
The massive sell order sparked a sharp market reaction, wiping out $205 billion from crypto market capitalization and triggering over $930 million in liquidations across leveraged positions.
This sudden downturn pushed BTC to its lowest levels in nearly two months, with intraday lows near $109,000. Analysts warn the correction could extend further, as technical patterns point to a possible continuation of the Elliott Wave C move toward $105,000.
Technical Signals: $105K or $108K in Play
Market analysts project that Bitcoin’s rejection at $117,000 over the weekend set the stage for this decline. According to Elliott Wave Theory, Wave C often mirrors Wave A in length, making the $105,000 zone a prime target.
This area also coincides with Bitcoin’s Point of Control since April and the anchored VWAP support line, adding weight to the bearis
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