Bitcoin Plunges Below $110K Following Massive $2.7B Whale Sell-Off: Is a Wave C Correction to $105K Imminent?

Bitcoin just got rocked by a whale-sized reality check—tumbling below the $110K threshold after a single entity dumped a staggering $2.7 billion worth of BTC. Was it profit-taking, panic, or just another Tuesday in crypto?

Reading the Charts: Wave Theory in Action

Traders are eyeing the next major support near $105K, a level that could put bullish momentum to the test. If it doesn’t hold, things could get messy—fast.

Whale Watching: One Wallet, Billions in Movement

One address. One trade. One hell of a market impact. The sheer size of this move shows just how concentrated—and fragile—crypto liquidity can be when the big players decide to cash out.

What’s Next: Bounce or Breakdown?

All eyes are now on whether institutional buyers step in or if retail FOMO finally runs out of steam. Either way, volatility is back on the menu—and it’s serving up a classic crypto shakeout.

Just another reminder: in crypto, the only thing sharper than the rallies are the corrections. Welcome to digital finance—where “hold” is a strategy until it isn’t.

Technical Signals: $105K or $108K in Play

Market analysts project that Bitcoin’s rejection at $117,000 over the weekend set the stage for this decline. According to Elliott Wave Theory, Wave C often mirrors Wave A in length, making the $105,000 zone a prime target.

This area also coincides with Bitcoin’s Point of Control since April and the anchored VWAP support line, adding weight to the bearish case.

However, a strong counter-argument exists. The $107,000–$108,000 range, representing the 61.8% Fibonacci retracement of the June-to-August rally, holds significant buying interest.

Data from Bookmap shows clustered orders at this level, suggesting it could act as a reversal point if buyers step in aggressively.

Despite the bearish tone, analysts caution that a Bitcoin daily close above $110,000 could flip sentiment.

Such a move would indicate a possible liquidity grab rather than a full-blown Wave C continuation. A stronger confirmation would come if bitcoin reclaims $112,000, signaling the downside break was corrective, not impulsive.

For now, traders are advised to watch the $108,000 support zone closely. A breakdown could accelerate selling pressure toward $105,000, while a decisive bounce might restore short-term momentum.

Bitcoin’s sharp sell-off gives a clear picture of the delicate balance between whale activity, technical structures, and macroeconomic uncertainty.

In the near term, analysts caution that downside risks remain elevated, with $108,000 emerging as the key support level. A failure to hold this zone could pave the way for a deeper correction toward $105,000.

On the flip side, a recovery above $110,000, and especially $112,000, WOULD invalidate the bearish Wave C scenario, signaling that the pullback was corrective rather than the start of a larger decline.

Cover image from ChatGPT, BTCUSD from Tradingview