Bitcoin News Today: Whales Flee as Bitcoin Faces Historic Double-Top Warning

Bitcoin’s technical outlook has darkened as the asset approaches a potential “death cross,” a bearish indicator that occurs when the 50-day moving average crosses below the 200-day moving average. The 200-day moving average, currently hovering near the $100,000 level, has historically acted as a key support level for Bitcoin, with prior rebounds often signaling renewed bullish momentum. However, recent price action suggests that this critical threshold may now be under serious threat.

Bitcoin has declined by nearly 8% from its recent peak of $124,500, breaking below a rising wedge pattern that had been forming since April 2025 [2]. This breakdown is widely interpreted as a bearish reversal pattern, typically preceding sharp declines following a sustained uptrend. Analysts note that if Bitcoin continues to fall, it could retest key support levels between $110,000–$112,000, with further losses potentially pushing the price toward $105,000–$108,000 [2]. A more aggressive sell-off could extend the decline to the psychological $98,000–$100,000 range, representing a 20% correction from its recent high.

The possibility of a deeper correction is also supported by a double-top pattern forming on the weekly chart, a bearish technical formation similar to the one seen in 2021 [2]. In 2021, a double top preceded a 77% correction, with Bitcoin dropping from $69,000 to below $16,000. If the current pattern mirrors that historical trend, Bitcoin could face a decline toward $94,750 by September. Additionally, on-chain metrics indicate that top whale addresses are unloading large amounts of Bitcoin, with the number of mega-whale wallets (holding over 10,000 BTC) reaching a yearly low since mid-July [2]. This selling pressure further amplifies the risk of a broader pullback in the near term.

The 200-day moving average remains a focal point for both investors and technical analysts. As of early August 2025, Bitcoin has already tested the 50-day EMA at $115,001, a key level that, if breached, could signal a broader breakdown in momentum [3]. The Moving Average Convergence Divergence (MACD) has crossed below its signal line, while the Relative Strength Index (RSI) sits at 44, indicating a decline in buying pressure. Should the price continue to weaken and fall below the 50-day EMA, the next support targets would include the 100-day and 200-day EMAs at $110,362 and $102,939, respectively [3].

The market’s recent liquidation activity also points to a shift in sentiment. In the past 24 hours alone, over $552 million in long positions were liquidated across the crypto market, with Bitcoin and Ethereum accounting for a significant portion of these losses [3]. While institutional inflows into Bitcoin and Ethereum have remained positive, maintaining net inflows of $547.82 billion and $2.85 billion respectively, this support may not be enough to counterbalance the prevailing bearish momentum.

A potential bright spot for Bitcoin remains the upcoming Federal Reserve decision in September, with a 25-basis-point rate cut expected. A cut could provide a liquidity boost, potentially offsetting some of the downward pressure on the price. However, unless institutional demand picks up significantly or bullish momentum returns, the path of least resistance for Bitcoin appears to be downward, with further support levels likely to be tested in the coming weeks [2].

Source:

[1] Strategy (MSTR) News: Stock Falls to Five-Month Low ... (https://www.coindesk.com/markets/2025/08/20/strategy-tumbles-below-200-day-moving-average-as-shares-continue-to-underperform-bitcoin)

[2] Bitcoin Price Rising Wedge Breakdown: How Low Can ... (https://cointelegraph.com/news/btc-price-rising-wedge-breakdown-how-low-can-bitcoin-go)

[3] Bitcoin tests key 50-day EMA support as Ethereum, XRP ... (https://www.fxstreet.com/cryptocurrencies/news/crypto-today-bitcoin-ethereum-xrp-risk-further-losses-as-liquidations-cross-500-million-202508181127)