Bitcoin Surge Stalls Amid Whale Sell-Off
Bitcoin surge stalled this week as large-scale whale selling triggered a 3.5% price correction. Data from CryptoQuant revealed that whales deposited 6,060 BTC, worth $722 million, into Binance. Analysts link these whale movements to recent U.S. economic data, including jobless claims and producer price index figures. The spike in Binance deposits signals shifting market sentiment and heightened volatility.
Despite the stalling Bitcoin surge, HODLer Net Position Change data shows long-term investors reducing selling pressure. HODLers are holding firm, which could stabilize prices and support a recovery. Bitcoin is trading near $119,200, just below the key $120,000 support level. If buyers defend this range, a rebound to $122,000 is possible. However, a break below $117,261 could usher in further declines toward $115,000, challenging bullish expectations. Traders should monitor whale activity and HODLer behavior for clues on market direction.
Neutral
The news presents conflicting signals: substantial whale selling drove a short-term 3.5% correction, which is bearish, but the reduction in HODLer selling pressure suggests stable long-term support. Similar past events—like large Binance deposits followed by HODLer resilience—have resulted in range-bound trading rather than decisive declines or rallies. In the short term, whale activity may keep volatility elevated, while long-term investors’ commitment could prevent deeper sell-offs. These offsetting forces point to a neutral market impact.