Bitcoin Slips Below $117,000 On Whale Selling, Ethereum, XRP Hold Steady

The cryptocurrency market is seeing a modest pullback on Friday, with Bitcoin breaking below the $117,000 level, caused by an uptick in whale selloffs.

Notable Statistics:

• IntoTheBlock data shows Bitcoin and Ethereum large transaction increased by 5.8% and 5.1%, respectively. Daily active addresses decreased 6% and grew 3.5%, respectively.
• Coinglass data shows 141,129 traders were liquidated in the past 24 hours for $534.38 million.  
• SoSoValue data shows net intflows of $226.6 million into spot Bitcoin ETFs on Wednesday. Spot Ethereum ETFs saw net inflows of $231.2 million.

Trader Notes: Bitcoin is under pressure, slipping below $117,000, but traders are closely watching the $115,000 level where spot buyers are beginning to absorb sell pressure, according to crypto trader Skew.

He notes that a short squeeze may follow if BTC consolidates near $117,000 and short positions build up.

BitBull predicts Bitcoin could drop as low as $111,000–$112,000, citing a missing breakout retest after its all-time high rally.

The current correction, he says, echoes Q1's price action, where a sharp rally was followed by a cooling-off period, a setup that could lead to a strong continuation higher after the short-term dip.

Ethereum shows signs of strength with two potential bullish trajectories, according to CryptoWolf.

The conservative scenario targets $8,000, while a more aggressive path eye $13,000+.

In both cases, he expects a 20%–25% correction post-All-time high to serve as a final shakeout before ETH's explosive Q4 rally.

Solana is also in focus, with DegenHardy identifying a classic bullish setup.

Bullish divergences are forming at a key support zone, a common precursor to sharp upward movements.

He sees this as a "get ready" moment for traders aligned with his go-to strategy.

Dogecoin could be carving out a double bottom, per chart analyst Ali Martinez.

If DOGE can reclaim $0.26 as support, the pattern may confirm and fuel a breakout toward $0.46, opening the door for a significant meme coin rally.

Read Next:

• Bitcoin Could Go To $300,000 Before ‘Great Depression’ Crisis, Traders Argue

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