Bitcoin whales have reduced their holdings by more than 34,000 BTC over the past week, while the price sits near $73,700. Bitcoinist is watching whether $72,700 holds as support and whether Bitcoin can regain $75,000.
Large Bitcoin holders cut their balances by more than 34,000 BTC over the past week, a reduction worth nearly $2.6 billion. The move came as Bitcoin declined from approximately $79,000 to below $73,000 in one week.
However, the selling does not necessarily mean another major decline is inevitable. Periods of heavy distribution can also precede market stabilization, particularly when buyers begin absorbing available supply.
Analyst flags whale selling during the correction
Crypto analyst Ali Martinez reported the reduction in a November 10 post on X. The selling coincided with Bitcoin losing several important technical levels, which suggests that large holders may have contributed to the downward pressure.
Still, the figures call for caution. On-chain address movements do not always represent direct market sales, because transfers between wallets, exchanges, and custodians can influence reported balances.
Bitcoin tests $72,700 support
Bitcoin trades at approximately $73,700, below the $75,000 region. A sustained recovery above that level could indicate that buyers are regaining confidence.
If Bitcoin establishes support above $75,000, the next resistance area is approximately $76,500–$77,500. A breakout could bring $79,000 and $80,000 back into focus.
On the downside, the $72,700 region remains an important near-term support area. A sustained move below it could increase the probability of another test of $71,000. Bitcoinist describes these levels as potential trading scenarios rather than confirmed price targets.
Liquidations and ETF outflows shape the outlook
The correction has already forced substantial liquidations, removing a significant amount of leverage from the market. Bitcoinist previously reported that more than $1.1 billion in bullish positions were liquidated during an earlier sell-off. Such events can temporarily increase volatility, but they can also help set up a more sustainable recovery.
Institutional demand remains a question. Recent Bitcoin ETF outflows show that institutional investors remain cautious, according to Bitcoinist.
For a stronger reversal, Bitcoinist says it would ideally see whale balances stabilize, ETF outflows moderate, and spot buying volume increase.
Source: Bitcoinist.com
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