What Happened
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Bitcoin briefly surged past $123K before miners and long-dormant whales deposited a combined ~81,000 BTC into exchanges in a single day—mining firms alone transferred 16K BTC, the highest since April. This intense sell pressure triggered a sharp pullback to around $118K.
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The Short‑Term Holder Spent Output Profit Ratio (SOPR) rose to 1.05, indicating retail traders were locking in profits—typically a signal that volatility and downside risk may follow.
Why It Matters
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Miner and whale sales create real supply pressure, dampening short-term bullish momentum.
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SOPR above 1 shows recent buyers are exiting positions, raising the probability of further consolidation or pullback.
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However, ETF inflows and institutional interest remain intact, suggesting this may be a healthy pause, not a trend reversal.
Key Price Zones to Watch
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Support area #1: $118K–$120K — current bounce zone
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Deeper support: $114K–$115K — coincides with CME futures gap fill
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Resistance zones: $121K–$123K — near recent highs
Trading Strategy
| Scenario | Entry Zone | Stop‑Loss | Target Points |
|---|---|---|---|
| Dip-Buy | $118K–$120K | ~$114K | $121K → $123K |
| Breakout Post-Pullback | Above $123K | $120K | $125K+ |
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If whale inflows recede and SOPR falls toward 1.0, the dip-buy strategy becomes more attractive.
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A breakout above $123K with strong volume would signal renewed upside.
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Keep tight stops to manage risk, especially given the volume of recent selling.
Affiliate Tools to Position Smartly
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Use Binance for low-cost BTC trading, plus access to market data—ideal for timely entry.
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Secure your holdings using the Ledger Nano X to prevent losses during volatility spikes.
Verifiable Internal Guides 📘
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How to Use SOPR Indicators in Crypto Trading: Learn how SOPR levels signal profit-taking and timing entries.
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BTC Futures Gap Strategy Explained: Understand why $114K–$115K matters and how to trade it.
Final Take
The rapid movement of ~81K BTC from miners and whales into exchanges triggered a short-term correction. While it dampened immediate bullish momentum, institutional demand remains robust. Traders should watch $118K–$120K for a possible dip-buy and eye $123K+ for breakout plays—backed by clear strategies and disciplined risk management.
Ready to trade or secure your BTC safely?
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Sign up on Binance
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Keep your crypto offline using Ledger Nano X
This is not financial advice. Always conduct your own analysis and align your trades with your risk tolerance.