Bitcoin Corrects as OG Whale Moves 80,000 BTC, But Charts Still Support Long-Term Bullish Trend
The crypto market has just undergone a sharp correction as a “dormant whale” suddenly woke up the community by moving more than $8.6 billion worth of Bitcoin. The event shocked investors and caused the price of BTC to drop from above $109,000 to around $107,500. However, technical analysis and macro trends still show that Bitcoin is still maintaining a solid bullish structure, despite the temporary market panic.
OG Whale Stirs Market with 80,000 BTC
On the morning of July 4, data from Arkham Intelligence recorded that a long-standing entity who owned wallets that had been inactive since 2011 began moving batches of 10,000 BTC to new addresses. A total of 80,000 BTC were moved on the day, equivalent to about $8.6 billion at current prices.
Notably, these wallets have been accumulating BTC since the time when Bitcoin's price fluctuated between $0.78 and $3.37, making them some of the oldest holders in blockchain history. According to Coinbase Director Conor Grogan, this entity controlled up to 200,000 BTC in 2011, enough to rank among the top 5 largest Bitcoin holders of all time.
The event took place right on the US Independence Day holiday when the market is thinly liquid at a sensitive time that is often easily affected by negative news. Retail investors and short-term traders reacted strongly, leading to a wave of short-term selling and an immediate drop in BTC price.
Technical Signals: No End of Uptrend
While market sentiment is somewhat negative following the whale move, technical indicators paint a much more positive picture.
The average directional index (ADX), which measures the strength of a trend, is currently at 25, indicating that the market has broken out of a sideways phase and is starting to form a clear trend. A strong uptrend would be confirmed if the indicator breaks above 40 in the near term.
Exponential moving averages (EMAs) continue to reinforce the positive outlook. Specifically, the 50-week EMA is currently at $87,394, and the 200-week EMA is at $56,114, both of which are significantly lower than BTC’s current trading price. This confirms that the uptrend is still in control long-term, and that key support levels have not been breached.
The Relative Strength Index (RSI), a momentum gauge, is at 62. This level suggests that BTC still has room to rise before entering overbought territory (above 70). This is a sign that Bitcoin still has the momentum to extend its rally in the coming weeks, assuming no new negative factors emerge.
The Squeeze Momentum indicator, which is used to determine when a market is about to explode, is also flashing an “unpacking” signal. This suggests that after a seven-week consolidation period, a breakout is forming, with the likely direction being to the upside.
Market Sentiment: Short-Term Traders Sell Off, But Holders Remain Confident
According to data from prediction platform Myriad, 40% of participants expect BTC to hold above $108,000 by the end of the week, while 59% favor a correction scenario. The bears have “won” this short-term volatility, but that doesn’t change the long-term view of Bitcoin’s current bullish structure.
Analysts say that short-term profit-taking, especially after a 15%+ rally in the past 60 days, is a natural market reaction, especially in the context of unexpected news such as whales transferring large amounts of BTC. However, it is important that institutional money is still maintaining a net inflow trend, and the mid- to long-term technical framework is still supporting the uptrend.
Macro Picture: Huge Spending Bill and Economic Uncertainty Underpin Bitcoin
Aside from short-term volatility, macro factors are playing a strong supporting role for Bitcoin. This week, President Donald Trump signed into law the “Big Beautiful Bill” a $3.3 trillion spending bill. While it does not include specific crypto regulations, the bill could increase budget deficits and inflationary pressures, further motivating investors to seek safe haven assets like Bitcoin.
In addition, geopolitical tensions, global interest rates, and a collapse in trust in the traditional financial system continue to reinforce Bitcoin’s role as a “store of value” and hedge against uncertainty.
Recap: Whale Shock Doesn’t Change Uptrend
While the OG whale’s BTC transfer event has caused a temporary shock to the market, technical indicators, on-chain data, and the macro backdrop still suggest that Bitcoin’s uptrend has not been broken. The fact that prices remain above key technical support levels, coupled with positive momentum signals, suggests that the current correction may be temporary and part of a more sustainable cycle.
Long-term investors and trend traders may see this as an opportunity to reassessposition and prepare for the next breakout phase, as the market overcomes short-term panic to continue Bitcoin's positive long-term trend.