Bitcoin Whales at Risk: Critical $113,000 Level

Recently, the fluctuations in Bitcoin's (BTC) price have notably increased after the average cost of large investors, known as whales, fell below it. According to CryptoQuant data, the Bitcoin price has declined below the whale cost basis of around $113,000, resulting in approximately $6.95 billion in unrealized losses. This situation has negatively impacted the short-term positions of large investors.

Analyses highlighting the total losses incurred by whales reveal that the short-term whale's profit and loss curve (STH Unrealized PnL) has reached its most severe negative level since October 2023. The inability of investors to make profitable sales above their buying levels has increased the pressure of strong selling in the market. This indicates that short-term whales are weakening and exerting pressure on the market.

Furthermore, the widening gap between the realized price of short-term whales and that of long-term whales is also an important indicator. This metric plays a decisive role at critical thresholds of market cycles. If Bitcoin cannot show a sustained recovery above this $113,000 level, analysts predict that support around $100,000 could be tested again in the short term. However, historical data shows that negative periods observed in similar times can be considered accumulation opportunities for long-term investors.

It is essential for investors to monitor these critical price levels and observe market dynamics. These fluctuations in Bitcoin provide clues about the overall health of the market while also presenting opportunities to develop the right strategies.