Bitcoin is struggling to stay above $108,000 as dip buyers face strong selling pressure. An OG Bitcoin whale sold 4,000 BTC to buy ETH, totaling over 32,000 BTC sold for $3.8 billion. Long-dormant whale wallets converting to ETH, declining inflows to spot BTC ETFs, and market weakness are impacting sentiment.

The Fed may cut rates in late September, but Bitcoin price is driven by futures market activity, with selling from larger cohorts outweighing spot and futures buying. Short positions are thickening at support resistance flips, but retail-size spot buyers are purchasing at new lows, indicating ongoing price suppression.

Buyers are present at various price levels, but downside liquidity is absorbing at $104,000. With sellers overpowering dip buyers, the negative impact of OG whales selling in the market and Wall Street being closed for Labor Day could continue to weigh on Bitcoin price in the short term.

Read more at Cointelegraph: Bitcoin Risk Of Labor Day Drop To $105K Rises