Today, Bitcoin’s value peaked at $116,181 before retreating below the $115K mark, indicating significant resistance at elevated price points. Analyst Doctor Profit suggests that this period of calm may precede substantial movements, potentially testing the $125K threshold soon.
With the Federal Reserve’s decision on interest rates imminent, traders are left pondering whether Bitcoin will surge or experience another steep decline.
Bitcoin Encounters Significant Resistance at $116,500
The cryptocurrency attempted to breach resistance around $116,500 but fell short, highlighting this level as a formidable obstacle. Doctor Profit notes that numerous retail investors entered positions between $117,000 and $122,000 and are now facing losses.
Recent statistics from Coinglass reveal liquidations totaling $45 million—$34 million from long positions and approximately $10 million from shorts.
Despite market tensions escalating, there has yet to be a wave of panic selling. According to Doctor Profit’s insights into market behavior patterns among makers suggest they discreetly sell within the range of $115K–$125K without drawing too much attention.
$657M in Long Positions Vulnerable if BTC Drops Below $114K
The outlook is increasingly concerning. Coinglass data indicates that if Bitcoin falls beneath the critical level of $114K, long liquidations could soar up to an alarming total of about $657 million.
Conversely, should prices rise above the pivotal point of $116K; it could trigger around **$210 million** in short liquidations—making this area crucial for market dynamics.
Whale Activity Declines; ETF Inflows Dwindle
Apart from retail trader pressures lies a more pressing narrative involving whales. Entities holding between 1,000 and 10,000 BTC have offloaded over **$13 billion** worth in just 30 days by selling roughly **116k coins**, marking one of the largest sell-offs since July 2022 and exerting considerable supply pressure on prices.
Additonally , inflows into Bitcoin ETFs—which previously fueled robust demand—have significantly slowed down to an average daily influx of only **500 BTC**.
This past September did witness a single-day inflow reaching **$642.4 million**, yet overall momentum has weakened considerably making it challenging for new capital to absorb whale sales effectively.
The Future Outlook for Bitcoin
Pursuing immediate trends reveals traders closely monitoring fluctuations around the **$115k** threshold. Doctor Profit advises securing profits beyond this mark while exercising caution within the range spanning from **$115k–$125k** . He highlights ample liquidity positioned lower between levels like **$106k** and even down towards *90k*, which could exacerbate downward price movement under mounting selling pressure .
From a technical standpoint ,Bitcoin recently broke free from its prevailing downtrend observed throughout late August . Should buyers rally strength pushing prices above *16*750 , potential targets might extend towards levels such as ***122*200*** followed by ***124*500*** .
If however ,the asset dips below *14*400 then declines toward ***112*000*** or possibly even further down near ***108*250*** becomes increasingly plausible .