Bitcoin Hits New ATH, Then Dips: A Look at the $124K Rally and the Key Levels to Watch

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Bitcoin Hits New ATH, Then Dips: A Look at the $124K Rally and the...

Todor Tsonev
15 August, 2025, 12:48
138

Bitcoin Pulls Back After New $124K ATH as Whale Selling Hits Binance

BTC Hits Record, Then Dips 3.5%

Bitcoin surged to a new all-time high of $124,474 before sliding 3.5% in the past 24 hours, now trading at $119,186. The retreat follows a noticeable uptick in whale selling activity, according to CryptoQuant data.

Whales Move to Binance

6,060 BTC — worth roughly $722 million — flowed into Binance in the last day.
Most of the inflow came from large holders (whales), suggesting profit-taking after the recent rally.
CryptoQuant analyst JA Maartunn noted the selling is likely tied to recent US economic data releases, including Jobless Claims, PPI, and Retail Sales, as whales reposition ahead of further macro events.

Why it matters: Large exchange deposits often precede short-term selling pressure, as traders prepare to offload holdings.

Long-Term Holders Stay Put

Bitcoin Nears $124K as Shutdown, ETFs, and Leverage Fuel Historic Rally

While whales have been active sellers, Glassnode’s HODLer Net Position Change shows long-term holders (LTHs) moving away from the bearish zone.

This shift indicates a drop in selling pressure from committed holders.
LTH resilience could help stabilize BTC around current levels and support a rebound toward $122,000.

Key Price Levels to Watch

Immediate resistance: $120,000 — regaining this as solid support is crucial for bulls.
Upside target: $122,000 if buying momentum returns.
Support zone: $119,000 (currently holding).
Bearish breakdown levels: $117,261, then $115,000 — a drop below these could signal deeper market weakness.

Market Outlook

For now, Bitcoin remains above key support despite a healthy correction from ATH levels. If whale selling eases and LTH confidence continues, BTC could quickly reclaim the $120K zone and push higher. However, sustained large inflows to exchanges may keep near-term volatility elevated.