I've been observing something interesting in the behavior of Bitcoin whales for a while. Last week, they bought aggressively during the dip caused by the Iran issue, but when the price rebounded to $74,000, they started selling a good portion of what they had accumulated. Meanwhile, small investors continued buying on every dip below $70,000. That is exactly the warning signal pattern that analysts mention.

The data is quite clear. About 43% of the Bitcoin supply is in loss, and every time it rises, sellers are waiting to break even. The Fear and Greed Index is in extreme fear territory, similar to what we saw in October. Bitcoin hits $74,000 on Tuesday and drops to $68,000 on Friday, almost where it was weeks ago. Lots of intraday movement but no clear direction.

The question now is whether the whales know something. If smart money keeps selling on rebounds while retail buys on dips, it typically means the correction isn't over. The real support could be near $60,000. Either we break strongly above $74,000 or test lower levels. The whales' behavior this week suggests they are betting on the latter.