Bitcoin recently experienced a notable price drop, falling from above $109,000 to around $107,500, triggered by the movement of $8 billion worth of Bitcoin from a long-dormant wallet.

This wallet, linked to one of the largest Bitcoin holders, transferred 80,000 BTC that had been untouched for over 14 years, raising concerns about potential market manipulation and sparking panic among traders.

Despite this short-term price dip, technical indicators suggest that the overall bullish trend for Bitcoin remains intact, as traders are taking profits following a 15% rally over the past 60 days.

The Squeeze Momentum Indicator indicates that volatility is on the rise, suggesting a likely upward price direction in the near future.

Additionally, the Average Directional Index (ADX) shows that the market is at a critical threshold, while the Exponential Moving Averages (EMAs) and the Relative Strength Index (RSI) continue to display bullish signals.

Immediate technical resistance is noted at $110,561, with support levels identified at $105,000, $100,000, and the 50-week EMA at $87,394.

In related news, speculation surrounds a whale who accumulated up to 200,000 BTC back in 2011, with theories suggesting they could be an early miner, an unmarked crypto exchange, or possibly a victim of hacking, according to Coinbase Director Conor Grogan.