Overview

• Bitcoin dropped as low as $111,760 during the Sept. 21–22 slide, pulling total crypto market value down to about $3.91 trillion.
• Persistent resistance in the $116,000–$118,000 band capped recent rallies, with traders watching the $114,500 VWAP, a $113,300 fair‑value gap, and $112,000 as near‑term pivot levels.
• Roughly 400,000-plus accounts were liquidated for about $1.7 billion as the swift unwind accelerated losses across major tokens.
• Structural demand signals remain in place, with spot Bitcoin ETFs holding more than 1.3 million BTC and on‑chain activity showing a 2025 peak in Bitcoin’s 14‑day transaction SMA near 540,000.
• Ethereum trades in a tight $4,000–$4,500 zone as exchange data show crowded shorts alongside $1.6 billion stablecoin inflows and treasury accumulation such as Bitmine’s 15,427 ETH purchase, leaving scope for either a squeeze or a pullback toward $3,700–$3,800 cited by analysts.