Bitcoin Faces Pressure: Will $112K Support Hold?
Bitcoin is currently facing bearish pressure as exchange inflows remain elevated. Recent data indicates a concerning trend that could potentially lead to Bitcoin losing its crucial support level at $112,000. Over the past 24 hours, the crypto market experienced liquidations exceeding $1.6 billion, predominantly from long positions, according to data from Coinglass. Bitcoin Tumbles: Analyzing the $112,000 Support Bitcoin experienced a decline from approximately $116,000 to a low of $111,800. This downturn reflects broader market volatility fueled by concerns surrounding a potential US government shutdown. Prediction markets on Kalshi currently estimate a 70% likelihood of a shutdown in 2025. CryptoQuant contributor PelinayPA noted the impact of Bitcoin withdrawals from exchanges during late August and early September. Nearly 65,000 BTC were withdrawn, coinciding with a price recovery for the digital asset. Large outflows typically suggest that investors are transferring their holdings to …
