Bitcoin Prepares For Possible Pullback as Tether Deposits $194 Million BTC to Binance

Today, on Saturday, June 7, 2025, Bitcoin (BTC) recorded a 1.7% gain. However, it displays bearish indicators and is likely to experience a potential price drop because of a prominent crypto whale offloading BTC tokens.

Whale dumps $20.88 million worth of BTC

Today, crypto analyst Lookonchain posted data on the X platform, revealing that a major whale, identified to be “Tether Lending Custody,” deposited 200 BTC tokens valued at $20.88 million into Binance.

However, the major concern regarding this market activity is the fear of a price fall as Tether has already deposited a substantial 1,650 BTC tokens worth $174.7 million to Binance since the asset price reclaimed $100,000 on May 9, 2025.

BTC may plunge to $96,000

The token’s value is currently standing at $104,942, gaining 1.7% from yesterday. However, its transaction volume decreased by 40% during that same period, suggesting a decline in participation from market users compared to the day before. This drop was possibly triggered by the increased number of sellers and ongoing price volatility.

Despite BTC’s value hovering around the $105,000 zone for several days, the digital asset appears to be conceding pressure from market declines and profit-taking from investors.

BTC dropped to a low of $101,095 yesterday on Friday amid fluctuation in the market. The impact of the bitter feud between Tesla boss Elon Musk and the US President Donald Trump has adversely impacted Tesla and NASDAQ stock values on Thursday, though both assets recovered on Friday. The tussles between the two prominent personalities potentially affected the current drop in the cryptocurrency market volume, down 30.49% in the past 24 hours.

Bitcoin traders’ sentiment has shifted from neutral on Thursday to cautious today. The crypto fear and greed index (according to Coinglass) currently stands at 54 on Saturday, while on Friday and Thursday, the values fluctuated between 60 and 57, indicating a neutral sentiment among investors.

According to market analyst Titan of Crypto, Bitcoin is currently trading in a head-and-shoulders pattern. The formation of this bearish pattern suggests that the asset’s value to lead to a price fall towards $96,000 soon.