Bitcoin 
$76,429 is currently navigating a rising wedge formation, with popular analyst Captain Faibik cautioning that if it falls below 113,000 dollars, the price could plummet to the 95-98 thousand dollar range. In the last 24 hours, the leading cryptocurrency, which lost up to 2.5% in value, decreased from 118,000 dollars to 115,000 dollars. During the same period, the sale of over 10,000 BTC by Galaxy Digital and a 370 million USDT withdrawal sent shockwaves across the market. The analyst warns that investors acting hastily might easily fall into a trap.
Captain Faibik: 113,000 Dollars is Key
According to Faibik, the global cryptocurrency market is nearing the end of the rising wedge formation. If the 113,000 dollar support, which coincides with the lower line of the formation, is breached, it could trigger a sharp breakdown. The analyst highlights the emergence of the Bearish PO3 model in the daily chart, suggesting that it may convey a deceptive bullish signal that can mislead late buyers. Faibik emphasizes his caution by stating, “I will not open a position without seeing a clear daily close,” urging hesitant investors to remain patient.
If Bitcoin breaks this support downward, the 95-98 thousand dollar range is seen as the initial target. The analyst believes that although this pullback might seem alarming, it could offer a “discounted price” opportunity for long-term investors. He also advises investors to closely monitor support-resistance zones and seek volume confirmations.
Whale Sales May Push Prices Below 100,000 Dollars
Today, Galaxy Digital executed a 1.18 billion dollar sale that caused Bitcoin to drop by 3% in just one hour. Alongside this drop, there was a liquidation of 144 million dollars in long positions. Large wallets targeting low-volume hours are rapidly weakening prices. Analysts note that because weekend liquidity is limited, similar maneuvers could have more severe consequences.
Although the 24-hour trading volume increased by 23% to reach 87.46 billion dollars, much of this increase originated from whales taking profit. As the risk heightens for new market entrants to fall into the “late buyer trap,” experienced investors continue to wait for confirmed signals. As Faibik pointed out, a daily candle close below 113,000 dollars could psychologically pave the way for challenging the crucial threshold of 100,000 dollars.
