Bitcoin Dips Below $117,000: What On-Chain Data Reveals About The Next Big Price Shift
Bitcoin (CRYPTO: BTC) is down nearly 5% from its all-time high of $122,838, trading at $116,880 as of Tuesday morning European time, as the broader crypto market pauses ahead of key macroeconomic data and reacts to a spike in large-scale on-chain activity.
Ethereum (CRYPTO: ETH) has also dipped, down 2.5% to around $2,980.
What Experts Are Saying: Speaking with Benzinga, analysts say the move is largely a correction following a rapid run-up, compounded by heightened uncertainty around U.S. inflation data and growing signs of profit-taking by major holders.
“It’s expected that after a large run, some correction is likely, especially following an uninterrupted move from $108K to $122K,” said Nicolai Sondergaard, Research Analyst at Nansen. “We now see quite some heavy liquidation levels around $116.3K which is something to watch next as an immediate psychological level.”
On-chain data from CryptoQuant confirms that whales—large Bitcoin holders—have begun repositioning.
According to the firm, over 1,800 BTC were deposited onto Binance in a single day, with transactions over $1 million accounting for more than …
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