Bitcoin (BTC) Whales Dump $141M as the Cryptocurrency Market Experiences Notable Price Declines

On November 2, 2024, the cryptocurrency market experienced notable price declines across assets like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).

Cryptocurrency markets witnessed notable price declines on November 2, 2024, impacting assets such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). While some are selling off their holdings amid the downturn, others are accumulating.

Bitcoin Price Drops Further, Whales Sell $141 Million BTC

The blockchain transaction tracker lookonchain recently posted on X (Formerly Twitter) that a crypto whale sold 2,019 Bitcoin in a panic sell, valued at $141.5 million. These significant dumps follow today's price decline.

Moreover, this whale has sold a total of 5,506 BTC, valued at $366.9 million, since the beginning of October 1, 2024. Despite these notable price declines, this crypto whale currently holds 4,980 BTC, valued at $345.5 million.

If this whale continues to sell, it is likely to have a minor impact on the BTC price.

Bitcoin Technical Analysis and Upcoming Level

Bitcoin is currently 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 increased by 30%, indicating heightened participation from traders and investors amid the price decline.

However, this recent dip may serve as a temporary correction before a major rally.

Bitcoin Technical Analysis and Upcoming Levels

According to the expert technical analysis, Bitcoin appears bullish despite experiencing a price drop in the past three days. This optimism stems from 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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