Emre Yumlu 
After days of range-bound trading, Bitcoin recently broke downward from its consolidation zone. However, this move raises questions about its sustainability. A potential recovery above the $116,373 resistance level could open the door for further upside momentum.
Is the Breakdown a Manipulation?
This recent dip appears to carry signs of market manipulation. If Bitcoin manages to reclaim the $116,373 level, we may see a potential climb toward $119,313. On the other hand, a failure to break through and a continued downward trend could drag the price back toward $112,500, acting as the next major support.
Key Technical Levels for Bitcoin
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Resistance: $116,373
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Support: $112,500
Bitcoin & Ethereum: Current Market Snapshot
Bitcoin (BTC):
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Price: $115,757
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24h Change: -2.31%
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7d Change: -2.68%
Ethereum (ETH):
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Price: $3,711.85
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24h Change: +2.30%
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7d Change: +2.67%
Long vs. Short Positions: A Delicate Balance
The current balance between long and short positions signals a potentially volatile period ahead. Neither bulls nor bears dominate, which often precedes sudden and sharp price movements in either direction.
Market Liquidations and Investor Sentiment
Over the past 24 hours, the crypto market has witnessed significant volatility. A total of $515 million was wiped out, with $363 million of that coming from liquidated long positions. This highlights the risks faced by leveraged traders during sudden corrections.
Galaxy Digital’s Massive BTC Transfers
Adding fuel to the recent decline was the activity of institutional player Galaxy Digital. The firm transferred over 13,000 BTC to various exchanges, with the most recent move involving 965 BTC sent to Binance. Such large-scale movements typically increase selling pressure and contribute to downward price momentum.
Altcoin Market Outlook: Waiting on Bitcoin
The altcoin market hasn’t been immune to Bitcoin’s drop. Although minor recoveries are visible, sentiment remains cautious. For a sustained altcoin rebound, Bitcoin’s trend direction must first become clear.
Investors should closely monitor key support and resistance levels — not only for Bitcoin but also for major altcoins, as their performance is often tightly correlated with Bitcoin’s price action.
This content does not constitute investment advice. Cryptocurrency markets carry high risks, and it’s important to do your own research before making any investment decisions.
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