- A crypto whale sold 2,019 BTC worth $141.5M on November 2, amid a market downturn that also saw a 1% drop in Bitcoin’s price.
- Since October 1, the whale has sold 5,506 BTC totaling $366.9M, but still retains 4,980 BTC valued at $345.5M.
- Bitcoin’s trading volume rose 30% in the past 24 hours, with key indicators suggesting a potential price rebound if support holds.
On November 2, 2024, the cryptocurrency market experienced a significant decline, affecting major assets like Bitcoin, Ethereum, and Solana. The downturn saw some investors liquidating their positions, while others increased their holdings. Amid this volatility, a prominent crypto whale triggered further market activity by selling a substantial 2,019 Bitcoin, valued at approximately $141.5 million.
The sale, reported by blockchain tracker lookonchain on X (formerly Twitter), came in response to the day’s price drops. This is not the first large-scale sale from this investor. Since October 1, 2024, Whale has sold a total of 5,506 Bitcoin, which amounts to nearly $366.9 million.
Despite these major sell-offs, Whale still retains a considerable 4,980 BTC, worth an estimated $345.5 million. These transactions hint at potential shifts in market sentiment and have captured the attention of traders and analysts.
Bitcoin Holds Key Support Amid Sell-Off
Notably, Bitcoin’s recent sell-off coincided with a modest decline in its price, now trading close to $69,300. This represents a 1% drop over the last 24 hours. However, the cryptocurrency has maintained a crucial support level, as trading volumes increased by 30% during the same period.
Moreover, this rise in trading activity suggests increased market engagement amid the recent dip, with both seasoned traders and new investors adjusting their strategies to navigate the current conditions.
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Despite the decline, analysts remain optimistic about Bitcoin’s potential recovery. Technical analysis points to a bullish outlook, even after Bitcoin’s three-day slide. The cryptocurrency recently broke through a bullish channel price pattern, and its current price correction indicates a possible rebound. Should Bitcoin hold its $69,200 support level, analysts anticipate a favorable price reversal in the coming days.
Technical Indicators Signal Potential Rebound
Furthermore, Bitcoin’s trading above the 200-day Exponential Moving Average (EMA) suggests the asset remains in an uptrend, despite recent dips. Additionally, Bitcoin’s Relative Strength Index (RSI) currently sits in the oversold area, hinting at a potential rebound.
Historically, when Bitcoin enters this zone, it often experiences a period of price recovery. The ongoing high volume of trading and these technical indicators could suggest a turning point, with some investors interpreting the current dip as a buying opportunity.
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