- Bitcoin slips 10% between $109K and $110K resistance, next important support is at $93K-94K or 89K-90K.
- BlackRock, Binance, and Coinbase sold 1.1 billion of Bitcoin in six hours, driving down markets.
- Coinbase Premium becomes negative, and the RSI of Bitcoin is at its lowest point since April, which means a possible recovery in the near future at around 100K.
Bitcoin (BTC) has pulled back from its area of resistance by about 10%, which makes traders weigh what’s next for the bulls. The cryptocurrency is currently trading at approximately $106,661, down 1.98% on the daily and down 5.5% on the weekly as the market’s momentum cools following a major rally earlier this month.
Technical Rejection Signals Deeper Correction Ahead
According to market analyst Crypto_Jobs TA & FA Bitcoin’s latest pullback aligns with a predicted bearish breakout and retest pattern.The asset no longer was able to hold the $109,000–$110,000 resistance zone, thus confirming a short-term trend change. The next major support zones are located between $93,000 and $94,000 and potentially at $89,000 to $90,000 on higher timeframes.
The analyst indicated that Bitcoin, before making a continued move to the downside, could still have a small bounce near the demand zone of $98,000–$100,000. It is vital for bulls to reclaim $115,800–$116,000 that indicates technical control. Failing to hold above $88,000 could expose Bitcoin, to retrace significantly lower, towards $74,000–$75,000, which was previously the yearly resistance zone.
In looking at the overall setup, it appears that this past rejection has changed the sentiment short-term and readies bulls for a defensive trade as traders await confirmation from new patterns of accumulation.
Institutional Selling Pressures Market Sentiment
Fresh data points to notable selling activity among large entities. Market watcher Danny reported that BlackRock, Binance, and Coinbase collectively sold around $1.1 billion in Bitcoin within six hours. The timing of these transactions occurred when Bitcoin moved below $107,000, creating a greater downside momentum in the market.
Such concentrated selling by institutions frequently indicates some sort of portfolio rebalancing or liquidity event. But here, it puts selling pressure on spot exchanges, tempering bulls. The overall market reaction was shaped by enhanced caution as investors responded to the danger of prolonged distribution by entrenched players.
Even though short-term bears appeared to take over, analysts note that institutional flows are readily reversed if market conditions consolidate around key support levels, providing bulls with a chance to reorganize.
U.S. Selling Resumes as RSI Hits Key Rebound Zone
Further confirmation of selling pressure emerged from Coin Bureau, who observed that the Coinbase Premium Index—a gauge of U.S. versus global Bitcoin demand—has turned negative again. This suggests U.S.-based investors are selling more aggressively than international participants. At the same time, Bitcoin’s Relative Strength Index (RSI) has dropped to its lowest reading since April.
Historically, such RSI levels have preceded short-term recoveries, hinting that bulls may soon find a footing if momentum stabilizes near $100,000. However, confirmation of strength remains dependent on price behavior around $93,000–$94,000 support and the ability to reclaim $110,000 resistance.
For now, Bitcoin’s technical and on-chain landscape points to a corrective phase, with bulls looking for renewed inflows and stability before attempting another upward leg.
