Bitcoin Drops to AU$116,000 as Traders Cash Out After All-Time High

Bitcoin (BTC) has taken a sharp turn downward, falling to AU$116,000 after reaching a record-breaking high of AU$123,000 on Monday (14 July). The 4.33% drop in just 24 hours has been largely attributed to profit-taking among short-term traders, as well as suspiciously timed movements from dormant whale wallets.

One of the most striking developments came from a whale wallet that had remained inactive since 2010. This wallet suddenly became active again, transferring 20,000 BTC—worth approximately AU$2.42 billion—just as Bitcoin hit the AU$123,000 mark. The massive transfer is believed to have been a key trigger behind the latest price correction.

Adding to the sell-side pressure, another Satoshi-era wallet moved a whopping 9,000 BTC, valued at about AU$1.06 billion, on Tuesday (15 July). This wallet, believed to be owned by an early adopter from the 2010–2011 period, reportedly holds around 80,000 BTC in total.

Almost simultaneously, another significant transfer took place: a staggering 18,643 BTC, worth nearly AU$2 billion, was moved to Galaxy Digital, a major institutional crypto investment firm. Although unconfirmed, the transaction is widely believed to be part of a broader profit realisation strategy.

These large-scale wallet movements happened right after Bitcoin failed to break through its all-time high resistance at AU$123,000 on 14 July. That rejection appears to have been the tipping point for many short-term holders, who began liquidating their positions en masse, leading to heightened sell pressure across exchanges.

Crypto analysts suggest that this kind of profit-taking is not unexpected after such a rapid climb in price. "When assets surge to new highs, it’s natural to see some holders take profits. But the reactivation of old whale wallets added a layer of uncertainty, spooking traders even more," said Sydney-based crypto market strategist, Oliver Price.

Despite the pullback, many investors remain optimistic about Bitcoin’s long-term trajectory. Historically, similar dips following a record high have led to consolidation before the next leg up. However, in the short term, volatility is expected to continue.

For now, all eyes are on whether Bitcoin can hold support around the AU$110,000–AU$115,000 range. A strong bounce from this zone could reignite bullish momentum. If not, we may be witnessing the early stages of a deeper correction.

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