Labor Day crisis? Under the shadow of veteran whales selling, Bitcoin may fall below $105,000.

Bitcoin (BTC) has been caught in a turbulent downtrend ahead of the Labor Day holiday, with the price briefly falling below the $108,000 mark on September 1. On-chain data and exchange order books show that selling pressure is continuing to increase, particularly with the selling threat from long-silent OG Bitcoin whales, raising concerns that BTC may fall to $105,000 or even lower in the short term.

OG Whale dumping intensifies market panic

(Source: Arkham)

Recently, a long-dormant Whale Bitcoin wallet suddenly became active and converted part of its funds into Ethereum (ETH). Market analysts believe that this whale may sell billions of dollars worth of BTC on the open market, putting direct pressure on the price.

This action resonates with the weakening of funds inflow into the spot Bitcoin ETF and the decline of the three major US stock indices (Dow Jones, S&P 500, Nasdaq) over the weekend, further undermining investor confidence.

Macroeconomic and policy uncertainties compounded

In addition to whale dumping, macroeconomic factors also affect market sentiment. The repeated statements of U.S. President Trump regarding tariff policies, as well as the market’s concerns about his attempts to influence Federal Reserve decisions, have heightened risk aversion.

Although some investors expect the Federal Reserve may start cutting interest rates at the end of September or in October, this positive expectation is not enough to offset short-term selling pressure.

Technical Analysis: $105,000 as Key Support

(Source: Trading View)

From a technical perspective, Bitcoin’s intraday trend is still dominated by the perpetual contract market. Trading data shows that the sell order volume (ranging from 10,000 to 10 million USD) is significantly higher than the buy order volume across multiple CEX exchanges, suppressing the price rebound momentum.

The Bitcoin 30-day liquidation heatmap shows that the densest liquidity area is located at $104,000, while the 1-hour chart from TRDR io indicates that the main buy support levels are at $105,000, $102,600, and $100,000 respectively. Deeper buy orders are concentrated in the range of $99,000 to $92,000.

Buyers are still present at lower levels, but they are struggling against selling pressure

Although medium-sized holders of 100 to 10,000 BTC enter the market to buy every time a new low is set, the overall order book liquidity and weak price structure still allow sellers to dominate.

With Wall Street and the spot BTC ETF market closed for the Labor Day holiday, there is a lack of new capital inflows in the short term. If OG whales continue to sell off during this period, BTC may accelerate its decline towards the support level of $105,000.

Conclusion

Bitcoin is at a sensitive moment intertwined with multiple pressures: macroeconomic uncertainty, weakened ETF inflows, technical selling pressure, and the potential dumping actions of veteran whales, all of which could amplify volatility risks during the Labor Day holiday. Investors should closely monitor whether the $105,000 support level can hold, as its breach may trigger a deeper pullback.