Bitcoin (BTC) plunged 4.28% to $116,000 within 24 hours after hitting a $123,000 all-time high, triggering a clash between massive accumulation and aggressive profit-taking. Long-term holders (LTHs) cashed out $1.96 billion (56% of exits), while short-term holders (STHs) sold $1.54 billion (44%)—one of 2025's largest coordinated sell-offs signaling waning short-term confidence.
Contrasting this, accumulator addresses bought 248,000 BTC worth $30 billion—their largest single-day purchase this year—boosting monthly acquisitions to 164,000 BTC. CryptoQuant analyst Darkforest warned, "If BTC enters correction, some accumulators may sell, shifting their status and sparking further decline." Miners, however, showed restraint with reduced exchange outflows and a neutral Miners’ Position Index, indicating anticipation of upside.
Technically, a Gravestone Doji candlestick and overbought Bollinger Bands signal downside risks. BTC may test $115,000–$111,000, with $113,611 as a midpoint support. Liquidation clusters at $114,000–$117,000 could cascade toward $110,578 if breached. Despite fading momentum (RSI: 64.8; flattening MACD), analysts note normal funding rates and absent retail frenzy suggest institutional-driven bullish potential long-term.