Why are Whales Moving Bitcoin to Binance? Weekly Whale Watch

BTCUSDT price is currently trading at $116,830 after slipping below the key $120,000 level. The price fell from the recent ATH of $124,474, showing some volatility. Despite this decline, Bitcoin is maintaining support above $119,000, suggesting that the recent dip could be a short-term correction.

In the past 24 hours, Binance has seen a massive increase in BTCUSDT deposits, with 6,060 BTC, worth approximately $722 million, added to the exchange’s balance. This surge primarily comes from whales

Given the mixed market sentiment, BTCUSDT could potentially reclaim $120,000 as a solid support level. If the bulls manage to maintain this level, Bitcoin might be able to recover from the recent dip and push towards $122,000.

However, if selling pressure intensifies, BTCUSDT price may fall through the $117,261 support level. A deeper drop could take the price to $115,000 or lower, which would invalidate the bullish outlook and indicate further market weakness.