Bitcoin ($BTC), the leading crypto asset, has reached a significant crossroads amid the wider market downtrend. Thus, Bitcoin is reportedly testing a crucial support level of the Realized Price of New Whales after the broader crypto crash that Trump’s 100% Tariff declaration for China has triggered. As mentioned by the popular crypto analyst, Crypto Onchain, the metric denotes the average entry cost of the new large investors in the market. At present, this development is raising several speculations amid the increased market volatility.
Bitcoin Hits Crucial Whale Support Level at $110K, Fears of Further Correction Loom
As market data suggests, Bitcoin ($BTC) is testing the Realized Price Support Level of New Whales at $110K amid the market decline after the declaration of 100% U.S. tariffs on China. Usually, when Bitcoin drops to the respective support level, $BTC whales often take action to defend cost basis and prevent additional downside. However, with the rising price volatility as well as the looming macro uncertainty, the community is keenly watching for the consequences, as there is a probability of a comprehensive correction.
Whales’ Potential Inability to Hold on to Support Level Could Start Further Downward Spree
According to Crypto Onchain’s data, following the crypto bloodbath started by Trump’s declaration of 100% tariffs on China, Bitcoin is moving near a noteworthy on-chain support level concerning new whales. A sheer downtrend from above the $120K mark highlights the need for the new whales to come to the rescue against further drops, as normally happens during such slumps.
However, if whales are unsuccessful in holding on to the support level of $110K, it could lead to a downward streak. In this case, the top crypto asset could experience a huge sell pressure, amid trembling market confidence.
