Bitcoin, having reached an historic peak at $123,000, is starting to decline. This drop is expected by seasoned traders, but whale activity raises concerns.
Whale Activity in the Market
Whales have started taking notable actions, with 1,800 BTC deposited on Binance in a single day. This was recorded by CryptoQuant as their Whale Activity Score spiked. Analyst Crazzyblockk noted: "This movement shows that big players are repositioning their assets on the world's most liquid platform. It's not coincidence. It's coordinated."
Correction and Unfilled CME Gap
Technical analysis revealed a gap on CME futures between $114,380 and $115,630, which typically gets filled. Analyst Mikybull Crypto stated that these gaps often get addressed later, and in this case, support lies just below the zone where whales acted.
Bitcoin's Influence on Altcoins
Bitcoin traditionally has a significant impact on altcoins. If Bitcoin begins to decline, altcoins are likely to fall as sharply. Currently, Bitcoin's high social dominance exceeding 43% indicates emotional overheating among traders. In this situation, if Bitcoin drops, altcoins may follow.
The cryptocurrency market is experiencing another fluctuation. While bulls may still support the upward trend, whale actions and unstable market conditions underscore the need for careful analysis.
