Bitcoin price drop to $114K possible as BTC whales take profits

Key Points

1. Bitcoin's price dropped 5% to $116,850, rejecting the $120,000 level, with potential further downside if it closes below the 20-period SMA.

2. Whale activity on Binance increased, with 1,800 BTC deposited, indicating sell-side pressure and risk of sharp price swings.

3. Long-term holder profit-taking and 98% of supply in profit suggest a possible significant price correction.

4. A CME futures gap between $114,380 and $115,630 may be filled, potentially driving BTC price down to $114,400.

5. Analysts note the bull market remains intact if Bitcoin stays above $108,000, with deeper corrections possible but not indicative of a trend reversal.