Bitcoin Drops Below Crucial Support: Are Whales Moving in to Profit

Bitcoin has dropped below $95,000 in the past few hours after two failed attempts to reclaim the $98,000 level and head towards $100,000.

These drops came amid reports that Bitcoin whales have been depositing large amounts of coins on Binance, which increases the possibility that these whales are making and booking profits.

Data indicates that one whale accumulated 11,657 BTC between March and October at an average price of $66,953.

With the price up by about 50% from the average entry price, this whale deposited 1,000 BTC on Binance, which pushed the price down from $98,000 to below $95,000, before rebounding slightly.

Despite this decline, the $96,175 level is considered a crucial support, as more than a million addresses have accumulated at this price.

At the same time, analysts believe that the market is still far from profit saturation levels, according to the relative unrealized profit measure, which currently stands at 0.74, indicating the possibility of continuing the positive movement in the medium term.