Crash

bullish

Million

<ul class="wp-block-list">
 <li>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.</li>  
 <li>Since October 1, the whale has sold 5,506 BTC totaling $366.9M, but still retains 4,980 BTC valued at $345.5M.</li>  
 <li>Bitcoin's trading volume rose 30% in the past 24 hours, with key indicators suggesting a potential price rebound if support holds.</li> 
</ul>  
<p>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.&nbsp;</p>  
<p>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.</p>  
<p>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.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/lookonchain/status/1852390669266162018
 </div>
</figure>  
<h2 class="wp-block-heading" id="h-bitcoin-holds-key-support-amid-sell-off"><strong>Bitcoin Holds Key Support Amid Sell-Off</strong></h2>  
<p>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.</p>  
<p>Moreover, this <a href="https://cryptonewsland.com/binances-market-dominance-grows-as-cumulative-trading-volume/" rel="noopener noreferrer nofollow">rise</a> 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.</p>  
<p>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.</p>  
<h2 class="wp-block-heading" id="h-technical-indicators-signal-potential-rebound"><strong>Technical Indicators Signal Potential Rebound</strong></h2>  
<p>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.</p>  
<p>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.</p> 
<p>The post <a href="https://cryptonewsland.com/bitcoin-crash-incoming-whales-offload-141-million/" rel="noopener noreferrer nofollow">Bitcoin Crash Incoming? Whales Offload $141 Million</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Bitcoin Crash Incoming? Whales Offload $141 Million

Table of Contents

Crypto News Land

Other articles published on Nov 2, 2024

Bitcoin Spot ETFs Record First Major Outflows Amid Rising Market Uncertainty

Seize BlockDAG’s 100% Bonus Before It’s Gone—Dogecoin & SHIB Are Climbing Fast!

EXPERIENCE THE POWER OF AGATECH

FTX News Update: U.S. Government Seeks Recovery of $13.25M Political Donations

Expert Reveals Obstacle Keeping XRP Price from Big Rally as This Ripple Rival Aims for 12000x Run

Experts Say This Altcoin Could Outshine Kaspa and AVAX – ChatGPT4.0 Agrees

Join our free newsletter for daily crypto updates!