Bitcoin is testing its crucial support zone around the $112,000 price level Data shows major capital rotation, with BlackRock’s ETH ETF seeing inflows as its BTC ETF bleeds Persistent inflation fears and uncertainty over a September rate cut are adding to the pressure Bitcoin (BTC) price has been trapped in a mid-term correction mode since hitting its all-time high of around $124.4k last week. The price has been testing the critical $112k support zone, a level that analysts see as a crucial line in the sand for the current bull market. On the daily chart, a potential double-top formation combined with a bearish RSI divergence suggests that sellers have had the upper hand, with the $120k resistance proving to be a formidable barrier. But the question on every trader’s mind is simple: why is Bitcoin struggling? Source: TradingView From a different perspective, the BTC/USD pair could be forming a horizontal consolidation, which ranges between $112,108 and $123,500. The horizontal consolidation will be invalidated if BTC price consistently closes either below or above the upper border in the coming days. Why Is Bitcoin Price Struggling to Maintain Bullish… The post Bitcoin Tests $112k Support as a Whale Sells BTC to Long ETH for $577 Million appeared first on Coin Edition .
