Bitcoin Falls to $116,000 After Traders Take Profit
Bitcoin fell to $116,000 after briefly hitting a new all-time high of $123,000 on Monday (07/14). The digital gold dropped 4.33% in the last 24 hours as traders began to take profit.
Whale Bitcoin (BTC) wallets from 2010 became active again on Monday (07/14), moving 20,000 BTC worth $2.42 billion when Bitcoin surpassed $123,000. This is suspected to be the main trigger for the price correction of Bitcoin today.
Another Satoshi-era wallet sold 9,000 BTC worth about $1.06 billion on Tuesday (07/15). This wallet, which had been inactive for years, holds a total of 80,000 BTC and belongs to an early Bitcoin user, likely from around 2010-2011.
Around the same time, there was also another large transfer of 18,643 BTC (about $2 billion) to Galaxy Digital, which is suspected to be part of a profit realization move.
Both of these large movements occurred right after Bitcoin failed to break through its all-time high (ATH) of $123,000 on July 14. This caused many short-term traders to panic and accelerated selling pressure in the market.