Bitcoin Hits $125,700 High Then Drops Below $123,000 Amid Whale Activity
Bitcoin reached a new all-time high of $125,700 but quickly corrected below $123,000.
- On-chain data shows increased whale activity during the peak.
- A large transfer of 1,550 BTC worth nearly $200 million was made to Binance, suggesting profit-taking by a whale address.
Whale Activity and Market Impact
- Whale Alert reported transfers totaling over $10 million between private wallets and exchanges like Binance and Coinbase.
- The timing of these transactions coincided with Bitcoin's price peak, indicating selling pressure from large holders.
Bitcoin Price Outlook
- Bitcoin's price briefly dropped below $123,000 due to the selloff.
- This correction could lead to a healthier rally by cooling off momentum.
- Bitcoin is trading at $123,380, maintaining a bullish long-term outlook if it stays above $120,000.
- Future performance may hinge on Spot Bitcoin ETFs' effectiveness this week.
