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BTC Price Under Selling Pressure, Key Bitcoin Red Flags to Watch

Bitcoin's network activity slowdown hints at limited potential for further price uptrend in BTC price. Will bulls take charge for $40,000?
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BTC Price Under Selling Pressure, Key Bitcoin Red Flags to Watch

Bitcoin faced significant selling pressure, experiencing a 3% decline to $35,000. The cryptocurrency is undergoing a notable retracement after reaching $37,000 last week, prompting caution among investors.

Key Bitcoin Red Flags to Watch

As reported, the recent selling pressure comes as Bitcoin whales have been cashing out on huge numbers over the last week. Popular crypto analyst Ali Martinez stated that Bitcoin whales initiated profit-taking on November 3, capitalizing on the BTC price surge from $35,000 to almost $38,000. During this period, over 15 wallets, each containing more than 1,000 BTC, either sold or redistributed their holdings.

Courtesy: Ali Martinez

On the other hand, Ali Martinez also points out that the Bitcoin network has been slowing down. A surge in the price of BTC coupled with a slowdown in network growth raises concerns, signaling a potential lack of momentum to sustain the uptrend. This bearish divergence between BTC price and network growth serves as an on-chain sell signal that traders should take into consideration, he added.

Courtesy: Ali Martinez

With today’s price drop, Bitcoin has breached its crucial support at $36,400. The next support sits at $36,400 breaking which can lead to further price correction up to $30,200.

Positive Developments for BTC

The US CPI data shows that inflation has been easing giving equity markets a boost. Analysts predict that Bitcoin could follow the cue soon and could rally to $40,000 going ahead.

Popular analyst Michael van de Poppe said that Bitcoin is in search of support, and the scenario remains valid where a test in the range of $34.8-35.2K could provide additional strength toward the highs.

On the other hand, the SEC is going to announce its decision on the approval of spot Bitcoin ETF by November 17. Ark Invest’s Cathie Wood notes an increase in the likelihood of spot Bitcoin ETF approval, citing engagements between the SEC, ARK, and BlackRock.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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