Bitcoin News Today: Bitcoin drops below $115K as dormant whale moves $7.1B to exchanges triggering selling pressure

Bitcoin’s price recently dipped below $115,000 as a long-dormant whale moved 61,697 BTC—worth approximately $7.1 billion—to major exchanges, creating immediate selling pressure. The transfer, which occurred after the cryptocurrency reached record highs, has raised concerns among traders about potential profit-taking and increased supply liquidity. Galaxy Digital, the entity that received the Bitcoin, subsequently distributed portions to platforms like Binance and OKX, exacerbating downward momentum in the short term [1].

The Bitcoin in question had remained inactive since 2011, with the holder transferring over 80,000 BTC this month—marking one of the largest movements of such old coins in recent history. The timing, coinciding with Bitcoin’s peak valuation, suggests the whale viewed the market as overbought or sought to crystallize gains. Analysts noted that such actions often trigger follow-through selling, as other holders may perceive the move as a signal to offload assets [1].

The influx of nearly $7.1 billion worth of Bitcoin onto exchanges has amplified supply-demand imbalances. While buyers may absorb some of this liquidity, the sheer volume could overwhelm immediate purchasing power, prolonging downward pressure. Traders are now monitoring whether market participants can match this supply with sufficient demand to stabilize prices.

Despite the sell-off, context is critical. The 80,000 BTC moved represents less than 0.4% of all circulating Bitcoin, a relatively small fraction compared to the total supply. Most Bitcoin remains held by long-term investors with no recent activity, and the blockchain’s operational rules remain unchanged. This suggests that while the whale’s move impacts short-term dynamics, it does not inherently threaten the network’s structural stability [1].

Technical indicators currently paint a mixed picture. Bitcoin’s price has since rebounded to $116,109.44, with a market capitalization of $2.3 trillion and 24-hour trading volume of $99.13 billion, reflecting sustained institutional and retail interest. The asset has briefly surpassed $115,000 resistance and is testing levels around $116,500–$117,000. Short-term bullish momentum is supported by the 50-day moving average at $109,400, which Bitcoin has decisively exceeded, while the 200-day moving average near $101,300 remains a critical support level [1].

The market’s next move will hinge on buyer resilience. If demand cannot absorb the newly available supply, further price corrections may follow. Conversely, robust buying could negate the immediate impact of the whale’s actions, reinforcing Bitcoin’s long-term upward trajectory. Investors are advised to monitor exchange inflows and order-book depth for clues about potential market direction.

Source: [1] [title] [https://coinmarketcap.com/community/articles/688386d347f0ca5c1f9bd1ce/]