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Bitcoin

<a href="https://zycrypto.com/tag/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> is facing mixed reactions as mounting selling pressure continues, with large holders steadily reducing their exposure.
Meanwhile, the leading cryptocurrency is approaching a critical demand zone that previously sparked a major rally, putting the market at a crucial turning point.
According to market analyst Ali Martinez, Bitcoin whales have sold more than <a href="https://x.com/alicharts/status/2120298814053446118" rel="noopener noreferrer nofollow">34,000 BTC</a>, worth approximately $2.6 billion, over the past week.
<figure class="wp-block-image size-full is-resized"><img width="544" height="680" src="https://zycrypto.com/wp-content/uploads/2026/11/image-41.png" alt="" style="aspect-ratio:0.8013468013468014;width: 100%;height:auto">
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 Source: Ali Martinez
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More notably, this sell-off coincided with BTC’s decline from $79,000 to below $73,000, signaling growing distribution among large holders.
Bitcoin is not out of the woods yet because bearish momentum has intensified since the apex cryptocurrency has fallen below the <a href="https://www.coingecko.com/en/coins/bitcoin" rel="noopener noreferrer nofollow">psychological price</a> of $70,000 to trade at $67,209 per CoinGecko data.
Adding to the bearish outlook, longtime Bitcoin critic Peter Schiff has warned that the cryptocurrency’s long-term downtrend is far from over. His <a href="https://zycrypto.com/bitcoin-falls-to-68k-as-peter-schiff-warns-of-long-term-bear-market-says-btcs-downtrend-is-far-from-over/" rel="noopener noreferrer nofollow">comments</a> came after Bitcoin’s recent drop toward $68,000, reinforcing concerns that the current correction could deepen.
<h2 id="h-is-there-light-at-the-end-of-bitcoin-s-tunnel" class="wp-block-heading">Is There Light at the End of Bitcoin’s Tunnel?</h2>
Despite the selling pressure engulfing the BTC market, on-chain metrics provider WealthManager highlights a potential opportunity for bulls.&nbsp;
Why is this the case? Well, BTC has returned to the <a href="https://x.com/Wealthmanager/status/2120907962466419043" rel="noopener noreferrer nofollow">demand zone</a> that triggered its August rally, where buyers previously stepped in and fueled a substantial recovery.
<figure class="wp-block-image size-full is-resized"><img width="679" height="294" src="https://zycrypto.com/wp-content/uploads/2026/11/image-40.png" alt="" style="aspect-ratio:2.302583025830258;width: 100%;height:auto">
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 Source: WealthManager
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With Bitcoin now testing the same area again, the big question remains whether bulls will dust themselves off and defend it once more, because a successful hold could attract fresh demand and provide the foundation for a rebound. Nevertheless, a breakdown could expose Bitcoin to further losses.

Bitcoin Whales Sell 34,000 BTC Worth $2.6B as Price Slides Toward $67,000

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