Bitcoin (BTCUSD) is attempting to stabilize near the crucial $112,000 support, but upside attempts are likely to meet strong selling pressure. Net outflows from U.S. spot Bitcoin ETFs totaled $523.3 million on Tuesday, according to Farside Investors, highlighting near-term caution among institutional players.

Sentiment has also soured in retail markets. Blockchain analytics firm Santiment noted that BTC’s drop below $113,000 sparked the most bearish chatter on social media since June 22. Historically, extreme bearishness among retail traders has often preceded countertrend rebounds.

The weakness in BTC has dragged down several altcoins as well. Google Trends data shows global searches for “alt season” dropped to 45 on Tuesday, sharply lower from the August 13 peak of 100, signaling waning enthusiasm in the broader market.

Key Levels to Watch

• Support: $112,000–$110,530 zone. A breakdown below could accelerate losses to $105,000 and then the psychological $100,000 mark.

• Resistance: 20-day EMA ($116,687). A rebound and daily close above this level could set up a range-bound phase between $110,530 and $124,474.