Bitcoin Price Dips As Analyst Says Institutions Have Been Buying Out Old Bitcoin Holders 

Bitcoin price has dipped 1.19% in the last 24 hours, to trade at $117,657.13, on a 33.28% decrease in the daily trading volume, to $67.16 billion.

Bitcoin Price Dips as Market Sees Major Shift in Ownership

The drop in BTC price comes as well-known Bitcoin developer Udi Wertheimer highlights a major market shift. According to Wertheimer, large institutions, including asset managers, pension funds, and family offices, have been quietly accumulating Bitcoin from long-time holders, signaling a transfer of ownership that could reshape the market.

The main driver behind this trend is the market’s growing belief that Bitcoin is entering a new era of adoption. Over the last year, Bitcoin’s price has seen massive moves. Wertheimer says this is not just because regular traders are buying in. Instead, data shows that old Bitcoin wallets (sometimes holding coins for over five years) have been selling. The buyers? Large institutions with deep pockets.

This shift is important. It means that Bitcoin is becoming more professional and less retail. Many of these old holders are “OG” investors who bought or mined BTC years ago. As prices hit new highs, some of them are cashing out quietly.

At the same time, companies such as BlackRock and Fidelity, and other big players, have increased their holdings. Especially through new spot Bitcoin ETFs.

Wertheimer believes that this “institutional migration” is healthy for Bitcoin. Having more stable, regulated money in the market can help reduce volatility and encourage further adoption by governments and big corporations.

Bitcoin Price Analysis: Levels to Watch

Technically, Bitcoin is trading near $117,614, holding above the 50-day simple moving average (SMA) at $115,281 and far above the longer-term 200-day SMA at $100,209. These are positive signs for the longer-term trend.

There is a clear resistance area around $123,700, highlighted by repeated red arrows. Every time Bitcoin has moved into this zone, sellers stepped in and pushed the price back down. This level is the “ceiling” that Bitcoin needs to break to trigger another big rally.

Support sits just above the 50-day SMA, close to $115,000. The green arrow shows where buyers have stepped in on previous dips, defending this price area. If Bitcoin falls under the 50-day SMA, the next major support is near $100,000, close to the 200-day moving average.

BTCUSDT Analysis. Source: Tradingview

The Relative Strength Index (RSI) is at 51.83. This means Bitcoin is neither overbought nor oversold. There’s room for the price to climb or dip without hitting extreme conditions.

Looking at the MACD, the values are positive, with the MACD line (31.11) above zero, but it’s not making new highs, so momentum is mild. The ADX at 21.4 shows the current trend is not especially strong, which fits the recent sideways price action.

Short term, if Bitcoin can break and hold above $123,700, a fresh uptrend could begin, fitting Udi Wertheimer’s bullish thesis about heavy institutional buying. If BTC drops and closes below $115,000, there could be a deeper correction or more sideways trading before the next move up.