Will Bitcoin Resume Its Uptrend or Face More Corrections as Whale Activity Dominates Market?

I observe that Bitcoin saw a pullback over the weekend, dropping briefly to $112,296 before stabilizing near $114,420. This nearly 4% decline in a week marks a notable short-term correction within recent market activity. From my perspective, while short-term volatility persists, the overall bullish outlook of Bitcoin seems to be influenced heavily by whale activities and the behavior of long-term investors. Recent on-chain data indicates significant transactions involving large Bitcoin volumes, especially on Binance, which handles over 56 million whale trades—both inflows and outflows—making it the primary exchange for large-scale crypto transactions. This dominance of Binance in whale trading activity suggests it plays a crucial role in providing liquidity for institutional traders and large investors. The high transaction volume indicates that large Bitcoin holders are actively trading, but the concentration of whale movements on Binance offers valuable insights into the potential sentiment and directional bias among major market players. Despite the short-term correction and whale-driven volatility, the long-term holder base remains confident, as evidenced by the Net Unrealized Profit/Loss (NUPL) ratio staying above 0.5. This indicates that long-term investors are holding onto their positions and are not rushing to liquidate, thus supporting the overall bullish trend and price support levels around $104,000. In my opinion, while traders should remain cautious of the recent correction and monitor whale activity on Binance for short-term signals, the fundamental strength provided by long-term investors and their continued holding pattern suggests the broader upward trend remains intact. Market participants should consider both the short-term volatility and the resilient long-term bullish outlook when making trading decisions regarding Bitcoin.