Significant Bitcoin transfers by large holders and elevated profit-taking metrics suggest a potential short-term price correction. Wallets holding between 1,000-10,000 BTC (whales) and those with over 10,000 BTC (mega whales) recently moved approximately 50,200 BTC onto exchanges, indicating mounting sell-side pressure.
The short-term holder Spent Output Profit Ratio (SOPR) surged to 1.05, reaching its highest level in over a month. This spike signals active profit-taking among newer BTC investors, historically preceding temporary price pullbacks.
Bitcoin currently trades within a tight channel between $117,293 and $123,203. Technical patterns indicate a potential % to 3% to 3% decline toward the $117,000 support level if current dynamics persist. Critical support zones lie at $117,293 and $113,637, while reclaiming $123,203 is necessary to restore bullish momentum.
Despite cautious market sentiment driven by whale movements and profit-taking, analysts note that reduced exchange inflows from large holders and cooling SOPR metrics could swiftly reverse the bearish trajectory.