Bitcoin Whale Inflows Suggest Possible Short-Term Price Pressure Amid Profit-Taking

Key Points

1. Wallets holding between 1,000 and 10,000 BTC (whales) and those with over 10,000 BTC (mega whales) moved approximately 50,200 BTC onto exchanges on July 17th, indicating potential sell-side pressure.

2. The short-term holder Spent Output Profit Ratio (SOPR) surged to 1.05 on July 16, the highest in over a month, signaling profit-taking by newer BTC holders.

3. Bitcoin is trading in a tight channel between $117,293 and $123,203, with a potential 2.5% to 3% drop to $117,000 if historical patterns repeat.

4. Key support levels are at $117,293 and $113,637, with a reclaim above $123,203 needed to restore bullish momentum.

5. The market is cautious due to significant whale activity and profit-taking, but a cooling SOPR and reduced whale inflows could quickly shift the market direction.