Bitcoin Price Dips Amid Large Whale Transfers and Increased Profit-Taking Activity

Key Points

1. A long-term Bitcoin holder (OG whale) transferred over 16,000 BTC to exchanges, including 9,000 BTC to Galaxy Digital and 7,843 BTC to other platforms, causing a sell-off.

2. The transfers pushed Bitcoin's price below the $117,000 support level, reaching an intraday low of $116,218.

3. Over $406 million in long positions were liquidated, reflecting heightened profit-taking behavior among traders.

4. Large BTC deposits on exchanges typically increase selling pressure, leading to further price declines.

5. Market participants closely monitor whale activity as it provides insights into short-term volatility and trader sentiment.