Bitcoin Drops 4.28% as Accumulators Face Selling Pressure

Bitcoin's recent price decline has sparked concerns about its ability to maintain its upward trajectory, despite a significant buying spree by accumulator addresses. The cryptocurrency lost its bullish momentum for the first time since crossing $120,000, dropping 4.28% in the last 24 hours to the $116,000 region. This sell-off was triggered by both long-term and short-term holders, raising questions about whether accumulators will follow suit and offload their positions.

Accumulator addresses, known for buying Bitcoin and holding onto it, purchased 248,000 BTC worth over $30 billion in the past day. This marks the group’s largest single-day purchase this year, bringing their total for the month to 164,000 BTC. However, analysts warn that if Bitcoin enters a phase of correction or consolidation, some of these addresses could start selling, potentially sparking a notable decline and shifting these wallets out of accumulator status.

Investors are exiting the market quickly, with a $3.5 billion realized profit in the last 24 hours. Long-term holders led the way, cashing out $1.96 billion, while short-term holders offloaded $1.54 billion. This coordinated exit marked one of the largest cash-outs this year, signaling waning confidence in short-term upside. Historically, events of this magnitude have preceded broader market corrections, and with rising profit-taking pressure, Bitcoin risks sliding toward $115,000 or potentially lower.

The recent price dip could be just the beginning, as analysis reveals signs of further decline on the daily chart. A Gravestone Doji candlestick has formed at the recent peak, pushing price action into the overbought region of the Bollinger Bands. Bitcoin may plunge further toward the identified demand zone between $115,000 and $111,000, with a midpoint at $113,611.01. The Bollinger Bands suggest additional downside, pointing to $111,073 as a potential key level.

Liquidity clusters could also push prices lower, as CoinGlass’ 24-hour BTC/USDT Liquidation Heatmap shows heavy liquidation clusters between $114,000 and $117,000, with intense leverage exposure stacking below $115,000. If Bitcoin fails to hold these zones, it could trigger a cascade toward $110,578, testing the limits even for long-term accumulators and potentially leading to additional offloading if confidence breaks.