After reaching a new all-time high of $123,200, Bitcoin has retraced to the $116,000 level as profit-taking and shifting market sentiment begin to take shape. While the broader trend remains bullish, a key development has caught the attention of analysts and investors alike.
Top analyst Darkfost has flagged significant on-chain activity involving the so-called “80K whale”—a mysterious wallet cluster believed to be holding over 80,000 BTC from the Satoshi era. This entity recently transferred a substantial portion of its holdings to a wallet reportedly linked to Galaxy Digital, a major institutional player in the crypto space.
While this transfer is notable, it’s only part of the picture. Four other wallets from the same cluster still collectively hold 40,000 BTC—none of which have moved yet. The total amount of Bitcoin sent to exchanges or OTC brokers remains uncertain for now, but Darkfost noted that selling activity appears to be ongoing.
Such large-scale movements often trigger concerns in the market, and the potential for panic selling is real, especially given the scale and timing of this transfer following Bitcoin’s recent all-time high at $123,200. However, it’s important to contextualize the event within the broader market structure.
Despite the short-term volatility, Bitcoin’s fundamentals remain strong. Institutional interest continues to grow, supply on exchanges remains historically low, and long-term holders show no signs of mass exit. This development may cause temporary price fluctuations, but it’s unlikely to shake the long-term conviction many investors maintain in Bitcoin’s trajectory. As always, whale activity commands attention, but it rarely defines the entire trend.
The 12-hour chart shows Bitcoin facing a sharp pullback after reaching its all-time high at $123,200. Currently trading around $116,509, BTC has dropped nearly 6% from its peak, signaling a period of increased selling pressure. Notably, this correction was accompanied by a spike in red volume, indicating strong profit-taking activity or large sell-side orders—possibly linked to the recent whale movement toward Galaxy Digital.
Despite the retrace, Bitcoin still trades well above its key moving averages: the 50 SMA ($109,353), 100 SMA ($107,729), and 200 SMA ($101,375). These levels continue to slope upward, reflecting a healthy longer-term trend. The $114,000–$117,000 zone now acts as short-term support, aligning with the last consolidation area before the breakout.
Holding this range will be crucial for bulls to maintain momentum. A breakdown below could trigger a retest of the $109,300 support, a level that capped price action through much of June. On the upside, a recovery above $119K would suggest that buyers are stepping back in.
Featured image from Dall-E, chart from TradingView
