Bitcoin Whales Move 1,800 BTC as Price Drops 5.6% from Peak

Bitcoin, which recently reached an all-time high of $123,000, has since experienced a pullback, causing concern among traders. This drop was anticipated by seasoned traders who have witnessed similar market corrections in the past. However, this time, the market seemed prepared for the pullback, but the whales had already moved their positions. While retail traders were excited about the possibility of Bitcoin reaching $130,000, the whales were either loading or emptying their bags.

Whales, or large investors, deposited 1,800 BTC on Binance right after Bitcoin's historic peak. This movement, according to CryptoQuant, indicates that big players are repositioning their holdings on the world's most liquid platform. The transfers, mostly over $1 million, represented more than 35% of incoming flows, suggesting a coordinated effort by professionals to take profits while the crowd was driven by fear of missing out (FOMO).

Santiment's data shows that at the price peak, 43.06% of all crypto discussions were about Bitcoin, a record high. This level of social dominance signals an emotional frenzy among traders, which often precedes a market reversal. Since then, Bitcoin has dropped to $116,000. Michaël van de Poppe, a prominent analyst, believes that staying above $108,000 would maintain the upward trend, indicating that the bull market is still intact. However, when whales get active, it's crucial not to ignore the market's current dynamics.

The recent surge in Bitcoin's price created a gap in CME futures contracts between $114,380 and $115,630. In technical analysis, an unfilled "CME gap" is expected to be filled, and in this case, the support lies just below the zone where the whales took action. This suggests that Bitcoin might take a breather, shaking out the most emotional traders before resuming its upward path. Those who believed the rise would be linear may need to rethink, as technical analysis rarely lies for long.

The performance of altcoins is heavily dependent on Bitcoin's ability to consolidate its peak. When Bitcoin coughs, altcoins sneeze, as the recent rally of secondary coins like ETH, SOL, and XRP was mainly triggered by Bitcoin's momentum. If Bitcoin collapses, altcoins will fall just as fast as they rose. The support for altcoins seems fragile, and Bitcoin's social dominance surpassing 43% acts as a signal of emotional overheating, where everyone is looking at the same thing, and no one is watching for the next trap.

The crypto market is characterized by cycles, surprises, and traps. However, according to the former Binance boss, this Bitcoin price remains. Those who can read between the lines might, this time, buy low. The numbers to watch are 1,800 BTC deposited on Binance in a single day by whales, 43.06% of Bitcoin's share in crypto discussions at the rally peak, the CME gap identified by professional traders between $114,380 and $115,630, more than 35% of BTC transfers over $1 million to Binance, and $108,000 as a possible correction level without breaking the bullish trend.