Last week, looking at whale movements, it seems that Bitcoin's correction has not yet ended, and this appears to be a bearish signal. During the Iran-related sell-off, large holders actively bought at low prices, but as the price rebounded to $74,000, they took profits. Meanwhile, retail investors continue to buy.

Wallet tracking data shows a repeating typical pattern. While individual investors are buying, large holders are selling, which usually indicates that the correction phase is not over yet. In fact, about 43% of Bitcoin supply is in the loss zone, and since they will sell once they break even, this creates a ceiling for the rebound.

The current market sentiment is in extreme fear, but recent whale behavior hints at the possibility of testing the support level around $60,000 again. Breaking through $74,000 is one scenario, and going lower is another. Based on how whales are currently closing their positions, it seems they are leaning toward the latter. Volatility is high, but the net movement over a month is close to zero, indicating that the market is truly at a crossroads.