I see an interesting pattern on this week's chart. The big whales seem to be playing the classic trick again—they panic bought last week during the Iran drama, then sold as the price recovered to $74k. Meanwhile, retail investors kept buying more as BTC dropped below $70k. This pattern usually indicates that a correction isn't over yet.

Data from Santiment provides a clear picture. Large wallets holding 10-10,000 BTC accumulated heavily between late February and early March, when Bitcoin was in the $62.9k-$69.6k range. But when the price hit $74k, they started taking profits and have already sold 66% of their newly acquired positions. These whales are basically buying the dip and selling the bounce.

Meanwhile, retail holders with less than 0.01 BTC actually increased their positions as the price fell again below $70k. Santiment says this is a classic warning sign—when retail buys while whales sell, the market usually isn't done correcting.

The current situation is quite tense. About 43% of the total Bitcoin supply is now underwater, so every rally upward meets sellers who are already at a loss for weeks and desperate to exit. Plus, the Crypto Fear and Greed Index has dropped to 12, deep in the extreme fear zone—one of the lowest levels since the October crash. It looks like the big whales are betting that the $60k level will be tested again rather than breaking out above $74k.

BTC is now at $70.93k. Three weeks ago, it was similar, but intra-week volatility was insane last week. Basically, every rally is sold by those wanting to exit, every dip is bought by retail chasing the bounce. This will resolve in two ways: either the selling is exhausted and Bitcoin confidently breaks out above $74k, or retail runs out of capital and $60k is truly tested. The behavior of the big whales this week signals they lean toward the second scenario.