On November 2, 2024, the cryptocurrency market experienced notable price declines across assets like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). Amid the downturn, some appear to be selling off, while others are accumulating.
Recently, the blockchain transaction tracker lookonchain posted on X (Formerly Twitter) that a crypto whale in panic sold a significant 2,019 Bitcoin worth $141.5 million. However, these notable dumps follow today’s price decline.
In Addition, this whale has sold a significant 5,506 BTC worth $366.9 million since the beginning of October 1, 2024. Despite these notable price declines, this crypto whale currently holds a significant 4,980 BTC worth $345.5 million.
If this whale continues to sell, it is highly likely to have a minor impact on the BTC price.
Currently, Bitcoin is trading near $69,300 and has registered a modest price decline of 1% over the past 24 hours. During the same period, its trading volume jumps by 30%, indicating heightened participation from traders and investors amid price decline.
However, this recent dip may be a temporary correction before a major rally arrives.
According to the expert technical analysis, Bitcoin appears bullish despite its price drop in the past three days. The reason for this optimistic outlook is the breakout of the bullish channel price action pattern and the ongoing price correction that BTC is currently undergoing.
Based on recent price action, there is a strong possibility of a price reversal from the current level. However, if BTC fails to hold the $69,200 level, it could experience a significant decline in the coming days.
Currently, BTC is trading above the 200 EMA, indicating an uptrend. Meanwhile, its Relative Strength Index (RSI) suggests a potential price reversal, as it is currently in the oversold area.
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