Bitcoin’s price has faced severe pressure over the past few hours, dropping to $86,000 on most exchanges – the first time since April. Many analysts suggest that the cryptocurrency is approaching a key support line, but the more worrying factor is the behavior of some major whales.
Data from Arkham reveals that Owen Gunden, a well-known Bitcoin OG who has held BTC for 14 years, has been massively selling recently. Specifically, since October, he has offloaded 11,000 BTC, worth $1.3 billion.
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The most recent transaction occurred today, when Arkham detected $230 million worth of BTC transferred to Kraken.
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Owen Gunden has now sold all of his $1.3 billion in Bitcoin.
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This behavior is markedly different from other whales, many of whom have been accumulating BTC during the recent market crash, which pushed prices from over $107,000 to $86,000 in less than 10 days.
Analysts are now focusing on the next major support levels that could halt the freefall:
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The nearest support is at $85,000, where a significant whale buying wall exists.
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Some experts, including “The Wolf Of All Streets,” warn that Bitcoin could turn “truly disastrous” if it falls to the 200-day moving average (200 MA) at $55,000.
In the past 24 hours, this sharp drop has liquidated over $410 million in long positions, while the total value of liquidated positions across the market is close to $900 million. CoinGlass data shows the largest liquidation order occurred on HTX, worth over $30 million.
