I just checked the Santiment data and the situation with Bitcoin whales is quite clear. They bought aggressively recently when everything was crashing, but now that we've hit $74,000, they are selling everything they bought. Meanwhile, retail investors continue buying on every dip below $70,000. That classic pattern usually means the correction is not over yet.

The interesting part is that around 43% of the total supply is in loss. That means every time the price goes up a little, desperate sellers appear who want to break even. That's why we see that ceiling at $74,000. The whales take profits, those with losses sell to avoid losing more, and thus a wall of supply forms that’s impossible to break.

The fear index is at 12, the lowest since October. The market is caught between two scenarios: either the price breaks above $74,000 strongly, or it drops to test the support at $60,000. Based on the whales' behavior this week, it seems they are betting on the second. Smart money bought in panic and is already exiting. That’s what bitclin says about these movements: when the big players leave, there’s usually more downside to come.