Bitcoin's price has encountered weakness as it recently fell below $110,000, largely attributed to the activity of cryptocurrency whales. Data revealed that BTC/USD dropped by $3,000 within hours, reaching a low of $109,436 on Bitstamp amid significant selling pressure. Traders identified what they termed 'spoofy' transactions by whales as manipulators of price movement. Market behavior has shown patterns of consolidation and capitulation reminiscent of earlier trends in August, indicating a possible continuing phase of market instability. Attention is turning towards the upcoming US Personal Consumption Expenditures (PCE) data, which is crucial for the market. The PCE index is closely monitored by the Federal Reserve and its release is anticipated to influence crypto and risk asset prices significantly. Depending on the data, analysts suggest it could catalyze either further declines or a potential relief rally for Bitcoin. However, many traders are currently adopting a cautious stance, awaiting clearer indicators before making substantial trades.

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