ChatGPT Bitcoin price prediction: Institutions like BlackRock are selling $600 million in BTC, the key support at $113,600 is facing a severe test.

According to the analysis of 24 real-time technical indicators by ChatGPT, the price of Bitcoin has seen a significant fall of -2.05%, currently reported at $113,912, testing the key support level of $113,600. This decline is primarily driven by large-scale profit-taking by institutions, with BlackRock( and Ark 21Shares collectively dumping over $600 million worth of BTC. The technical indicators show that the RSI (42.15) is close to the oversold zone, and although the MACD is in negative territory, the histogram has turned positive, indicating that momentum is building. If the support at $113,600 is lost, Bitcoin may dip to important support levels of $110,430 (100-day EMA) or even $103,042 (200-day EMA).

Institutional dumping wave triggers key support level test The current price of Bitcoin is $113,912.47, down 2.05% from the opening price of $116,311.23. The intraday trading range is between a low of $113,644.18 and a high of $116,797.66 (a fluctuation of 2.8%). This round of decline is mainly triggered by institutional-level selling from large funds:

• Huge Selling Pressure: BlackRock) sold $548 million worth of BTC, and Ark 21Shares sold 559.85 BTC (worth $64.4 million).
• Systematic Pressure: Bitcoin previously fell below $116,000, triggering the liquidation of $360 million in long leveraged positions, exacerbating the selling pressure across the market.
• Nature of Judgment: This pullback is seen as a natural correction after a 39% rise from the August low, rather than a fundamental collapse.

Technical Indicator Analysis: Signs of Oversold and Momentum Accumulation Coexist

• RSI near Oversold: The Relative Strength Index is at 42.15, approaching the Oversold area, providing conditions for a potential reverse long strategy.
• The moving average system is in a bearish arrangement: The coin price has fallen below the 20-day EMA (117,022 USD, -2.7%) and the 50-day EMA (114,971 USD, -0.9%), but still remains above the 100-day EMA (110,430 USD, +3.1%) and the 200-day EMA (103,042 USD, +9.5%), indicating that the long-term trend has not been completely damaged.
• MACD Releases Contradictory Signals: The MACD line is at -444.13 (below the zero axis), and the signal line is at 301.61, indicating a bearish structure; however, its histogram shows a significant positive value (745.74), suggesting that the downward momentum may be weakening, and a potential golden cross is brewing. This momentum divergence during a price decline is often a precursor to a reversal.
• Volume is extremely shrinking: The trading volume is only 256 BTC, indicating low retail participation, and there may be a selling exhaustion after institutional distribution.
• High Volatility Warning: ATR (Average True Range) remains at an extremely high reading of 104,703.20, indicating that despite being in a downward phase, there is still significant volatility potential.

On-chain fundamentals and market sentiment

• Solid Fundamentals: Market capitalization of $2.27 trillion, circulating supply of 19.90 million coins (94.8% of the maximum supply of 21 million), scarcity supports value in the long term. A market-to-volume ratio of 2.9% indicates an orderly distribution by institutions rather than retail panic.
• Social Sentiment Divergence: LunarCrush data shows a social dominance of 18.15%, with positive sentiment accounting for 77%, but AltRank has fallen to 515, and total interactions have significantly decreased (-19.74 million to 72.86 million). Mentions have increased (+87.28 thousand to 231.88 thousand), indicating that while market attention is high during institutional selling, participation remains cautious. The community is actively discussing institutional selling, but notable figures like Anthony Scaramucci still maintain a year-end target of $180,000 to $200,000. Whales are accumulating $52 million daily and holding large leveraged long positions ($28 million), suggesting confidence from large funds.

Market Outlook and Key Price Levels ChatGPT Analysis: Key Support Defense Battle Bitcoin is currently testing the key support level of $113,600. Whether this defense is successful is crucial:

• Immediate Support (: Today's low ~$113,644.
• Major Support ): 100-day EMA (~$110,430) and 200-day EMA (~$103,042).
• Immediate Resistance (: 50-day EMA )~$114,971( and 20-day EMA )~$117,022(.

Three-Month Price Prediction (Probability Analysis)

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(Source: TradingView)

1. Oversold rebound recovery (probability 45%): Successfully holding above $113,600 and the end of institutional selling may drive the price back up to the range of $118,000-122,000 (an increase of 4-7%).
2. Extend the distribution period (Probability 35%): Institutions continue to take profits, which may lead to price fluctuations and consolidation between $110,000 and $118,000, preparing for the next round of accumulation.
3. Deep Pullback (Probability 20%): Losing the support at $113,600 may trigger a deeper fall towards the support zone of $110,400-$103,000 (a drop of 3-10%), and the recovery will depend on whether it can stabilize at these major support levels and complete institutional distribution.

Conclusion: Bitcoin is at a critical juncture where institutional distribution is contending with an oversold technical landscape. ChatGPT's analysis points out that $113,600 is a battleground for bulls and bears in the short term. If defense is successful, there is hope to rely on an oversold rebound to advance towards targets of $118,000 or even $122,000; if it fails, the market may need to dip to $110,000 or even $103,000 to find stronger support before resuming an upward trend. Investors need to closely monitor the performance of this support level, the flow of institutional funds (to see if there are signs of dumping exhaustion), and changes in trading volume, responding cautiously to the high volatility environment. The long-term fundamentals remain solid, but short-term growing pains are inevitable.