Bitcoin faces turbulent conditions as it struggles to hold above $108,000, with little evidence of a recovery on the horizon. Caution dominates trading activity, amplified by Wall Street’s closure for the Labor Day holiday and looming concerns over a Bitcoin whale potentially offloading another billion-dollar tranche of BTC into the market. Investor sentiment is further weighed down by a combination of factors: transfers and selling from long-dormant whale wallets (with proceeds flowing into Ether), declining spot BTC ETF inflows, and end-of-week weakness across the Dow, S&P 500, and Nasdaq.
Adding to the uncertainty are political crosscurrents, with President Trump’s shifting stance on tariffs and his controversial efforts to exert influence over the Federal Reserve Board—both of which have fueled market jitters.
At the time of writing, BTC was trading at $107,662.
After reaching its all-time high of $124,474, BTC witnessed profit booking, leading to a correction of nearly 13.75% and a drop to $107,350. On the weekly timeframe, the asset has formed a ‘Shooting Star’ candle, where the longer upper shadow indicates selling pressure at higher levels. It has been trading in red for the past three weeks, forming a ‘Lower High Lower Low’ pattern. BTC has strong support at $105,000 and $100,000, while $115,000 and $125,000 serve as key resistance levels. For a sustained rally, BTC must break, close, and hold above $125,000.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $100,000 | $105,000 | BTC | $115,000 | $125,000 |
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