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# Here’s news: Bitcoin Price Correction After Hitting $125,700 All-Time High
# Why Did Bitcoin Plummet From $125,700? Uncover the Surprising Reasons!
Bitcoin experienced a spectacular rally, reaching a staggering all-time high of $125,700 on Sunday. However, just moments later, the cryptocurrency faced a swift correction, plummeting below $123,000 within two hours. This sharp pullback is not unusual following such significant price milestones. Interestingly, on-chain data indicates a marked increase in whale activity during and after this peak, particularly with large transfers to exchanges.
Whale Activity: The Catalyst for Selling Pressure
Shortly after Bitcoin’s record surge, blockchain data revealed significant transactions by a whale address known as “3NVeX.” This entity transferred a total of 1,550 BTC, valued at nearly $200 million, to Binance through two separate transactions. The initial transfer consisted of 800 BTC worth $100 million, followed by an additional 750 BTC valued at approximately $93.7 million. The timing of these moves was almost synchronous with Bitcoin’s price peak, suggesting that the whale strategically sold into the rally.
Once these transfers were completed, the whale address was left with only about 0.1 BTC, indicating that most of its holdings had been liquidated. Data from whale transaction tracker Whale Alert highlights that the number of large Bitcoin transfers to and from exchanges surged dramatically in the days following the all-time high. Numerous multi-million-dollar transactions, each surpassing $10 million, were observed moving between private wallets and major trading platforms like Binance and Coinbase.
Another noteworthy transaction involved the transfer of 401 BTC, amounting to $50.2 million, from an unknown wallet to Coinbase Institutional. Shortly thereafter, another 401 BTC were sent from a different unidentified wallet into the same institutional platform. This influx of high-value transactions paints a vivid picture of whales capitalizing on the recent price spike and securing profits.
Bitcoin Price Outlook: A Healthy Correction?
Following the whale-induced selloff, Bitcoin’s price dipped below $123,000 but rebounded to around $122,530. While this pullback was relatively moderate compared to past all-time highs, it serves as a reminder of the influence large holders can exert on market dynamics. Despite this brief downturn, many analysts believe this correction could be beneficial for Bitcoin’s overall rally.
A healthy price pullback allows for overheated momentum to cool off, setting the stage for a more sustainable growth trajectory once selling pressure subsides. Data from Whale Alert also indicates that substantial amounts of Bitcoin are leaving exchanges and moving into private, unknown wallets, suggesting accumulation by long-term holders.
As of now, Bitcoin is trading at approximately $123,380. Maintaining support above $120,000 is crucial for its long-term bullish outlook. If this level holds, Bitcoin may very well reach a new all-time high before the week concludes, depending on how well Spot Bitcoin ETFs perform in the coming days.
For those interested in more insights into the crypto world, check out our crypto category for the latest updates. If you’re looking to trade, consider exploring Binance for a range of options.
As the market continues to evolve, staying informed is crucial for navigating the complexities of cryptocurrency investment. The recent activities of whales serve as a potent reminder of the volatility inherent in this space, while also highlighting potential opportunities for savvy investors.
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