24/7 Cryptocurrency News

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?
Published by
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.

Advertisement

Share
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.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Experts Turn Bullish on Pudgy Penguins as PENGU Leads Meme Coin Buys on Solana

Crypto experts have begun to make bullish projections for Pudgy Penguins’ native token, PENGU. This…

October 5, 2025
  • 24/7 Cryptocurrency News

ASTER to Launch Phase 2 Airdrop on October 10 as Open Interest Tops $5B in Two Weeks

ASTER has announced that the roadmap for its second airdrop phase is set to begin…

October 5, 2025
  • 24/7 Cryptocurrency News

El Salvador’s Bitcoin Holdings Hit $475M Profit as BTC Becomes World’s 7th Largest Asset

El Salvador is now sitting on $482 million in unrealized gains in its Bitcoin holdings.…

October 5, 2025
  • Bitcoin News

Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force

The Bitcoin price has hit a new all-time high, after staging a monstrous rally since…

October 5, 2025
  • Bitcoin News

99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction

Bitcoin (BTC) is in profit on almost all of its supply, leading to discussion by…

October 5, 2025
  • 24/7 Cryptocurrency News

Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement

Pro-crypto Mike Selig is reportedly the frontrunner to become the next chair of the U.S.…

October 4, 2025