Key Points:
BTC has abandoned its bullish rebound momentum, with sellers continuing to firmly control the market situation.
The notorious Bitcoin whale that shorted BTC last week continues to increase its bets on the downward price of BTC.
$107,000 is gradually emerging as a potential short-term target price.
BTC fell back to several-week lows after Wall Street opened on Tuesday, with trading analysts suggesting low-risk investment strategies.
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD has dropped over 3%, testing the $110,000 support level again.
In a new round of market volatility, BTC is testing holders' patience for the second time in a few days, while speculation about market manipulation continues to spread.
Trader Skew noted in a recent post on the X platform: "The sell-off at the opening of the U.S. market led to another sweep of the $110,000 mark, where there is still passive buying power and some degree of market sell-off absorption."
Market attention remains focused on the operations of a cryptocurrency whale, who shorted the market before a $20 billion liquidation wave last Friday.
On Tuesday, the value of its 10x leveraged short position on BTC approached $500 million.
The infamous Hyperliquid whale is back. Last time he shorted $700M BTC + $350M ETH, pocketing nearly $200M during the crash. This time he’s opened a $494M Bitcoin short at 10x leverage. Entry: $115,288 Current price: $112,600 Unrealized profit: +$11.8M and climbing. His… pic.twitter.com/QxSThYpM8f
Other risk assets also performed poorly that day, with the U.S. stock market opening lower and gold retreating from its recent near $4,180/ounce historical high.
Trading analyst Roman warned followers on the X platform to avoid excessive risk exposure in the weak market structure heading towards $108,000.
He analyzed alongside the attached low-timeframe price chart: "We are currently seeing potential DB reversal signs at the major support level, while volume is declining."
Considering proprietary data analysis, Keith Alan, co-founder of trading resource platform Material Indicators, is looking at lower price levels.
Keith Alan posted on the X platform: "$BTC is testing the $109,000 support level downwards, which is the fourth test, but I am cautious about whether this support can remain effective."
BTC's opening price at the beginning of the year was slightly below $93,500, and it has since become a key price reference level.
Previously, Cointelegraph reported on several key support trend lines that are currently in play, including moving averages and the total cost basis of short-term holders.
Related: Bitcoin whale exposes 3,500 BTC shorts: Focus on the next key support level
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Bitcoin Threatens to Drop to $107K, This Year’s Opening Price Becomes Key Support for BTC”
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