Bitcoin is navigating a critical phase, trading slightly above $110,000, with bulls defending key support levels. Recent sharp crashes have left the market tense, with sentiment split between recovery hopes and further declines.

Analysis suggests that Bitcoin's price structure remains fragile, needing more substantial demand inflows. On-chain data reveals notable whale activity, with newly created wallets moving large Bitcoin sums from major exchanges to cold storage, signaling potential accumulation.

These movements highlight the ongoing market tug-of-war between fear and institutional interest. Traders closely monitor whale behavior for potential consolidation into a rebound or further volatility.

Recent withdrawals totaling over $160 million from Binance and FalconX have caught analysts' attention, possibly indicating reduced selling intent. However, volatility isn't over, as Bitcoin fluctuates within the $108K-$115K range amid market weakness.

Bitcoin shows resilience above $110K but remains in a neutral-to-bearish phase, battling between buyers and sellers in a tightening range. The current consolidation phase is crucial for determining the next major price direction.