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 <p class="paragraph">Bitcoin (BTC) is currently undergoing a sell-off, marking the first time since December 2023 that the flagship cryptocurrency has dropped below the $40,000 support zone.</p>
 <p class="paragraph">This selling pressure aligns with a phase where Bitcoin <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a>s are actively dumping a significant portion of their holdings. Notably, data from cryptocurrency analyst Ali Martinez revealed that as of January 23, Bitcoin <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a>s had unloaded nearly 70,000 BTC, almost $3 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a>, within the past two weeks.</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="680" height="315" src="https://cdn.thebittimes.com/images/2024/01/23/a8c872b9676674dc38cba615dfe61576.webp" alt class="wp-image-150653" srcset="https://cdn.thebittimes.com/images/2024/01/23/a8c872b9676674dc38cba615dfe61576.webp 680w, https://cdn.thebittimes.com/images/2024/01/23/a8c872b9676674dc38cba615dfe61576.webp 300w" sizes="(max-width: 680px) 100vw, 680px">
  <figcaption class="wp-element-caption"><em>Bitcoin whales selling activity. Source: Ali Martinez</em>
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 </figure>
 <p class="paragraph">It’s worth noting that the recent activity of the <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a>s has unfolded against the backdrop of the approval of the spot Bitcoin exchange-traded fund (ETF), deemed a bullish catalyst for the cryptocurrency. The product has recorded significant outflows with Grayscale Bitcoin Trust (GBTC) accounting for the highest share.&nbsp;</p>
 <p class="paragraph">At the same time, the selling pressure could be interpreted in various ways, such as <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a>s taking some of their profits following Bitcoin’s recent rally that retested the $49,000 mark, or they might be redistributing their holdings. The <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> activity might also result in short-term <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> volatility and a notable drop in the <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis-amid-whale-selling-pressure">Bitcoin price analysis amid whale selling pressure</h2>
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 <p class="paragraph">Currently, Bitcoin is facing pressure, having dropped below the critical $40,000 support zone, leaving the market uncertain about its next move. In this context, crypto analyst <em>Fiery Trading</em>, in a <em>TradingView</em> post on January 222, pointed out that falling below the $40,000 mark indicates that the crypto has ‘lost a significant daily support.’</p>
 <p class="paragraph">According to the analyst, breaching below $40,000 exposes Bitcoin to more bearish sentiments, likely triggering a major sell-off over the next few weeks.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="603" src="https://cdn.thebittimes.com/images/2024/01/23/81211b3780db1e398ade4db6ae3b2b62.webp" alt class="wp-image-150654" srcset="https://cdn.thebittimes.com/images/2024/01/23/81211b3780db1e398ade4db6ae3b2b62.webp 1024w, https://cdn.thebittimes.com/images/2024/01/23/81211b3780db1e398ade4db6ae3b2b62.webp 300w, https://cdn.thebittimes.com/images/2024/01/23/81211b3780db1e398ade4db6ae3b2b62.webp 768w, https://cdn.thebittimes.com/images/2024/01/23/81211b3780db1e398ade4db6ae3b2b62.webp 1514w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis chart. Source: TradingView</em>
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 </figure>
 <p class="paragraph">It’s worth noting that Bitcoin’s uptrend began in September 2023 and lost momentum at the start of 2024, with the price predominantly showcasing lower highs and lower lows.</p>
 <p class="paragraph">As Bitcoin searches for an upside movement, it faces resistance at the psychological level of $40,000, with bulls and bears contending to maintain control within their respective sides of the zone.</p>
 <p class="paragraph">By press time, Bitcoin was trading at $39,075, experiencing daily losses of nearly 4%. On the weekly chart, BTC is down almost 10%.</p>
 <figure class="wp-block-image aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cdn.thebittimes.com/images/2024/01/23/f42d8e6564dca9849052a6b785d6d011.webp" alt class="wp-image-150655" srcset="https://cdn.thebittimes.com/images/2024/01/23/f42d8e6564dca9849052a6b785d6d011.webp 1024w, https://cdn.thebittimes.com/images/2024/01/23/f42d8e6564dca9849052a6b785d6d011.webp 300w, https://cdn.thebittimes.com/images/2024/01/23/f42d8e6564dca9849052a6b785d6d011.webp 768w, https://cdn.thebittimes.com/images/2024/01/23/f42d8e6564dca9849052a6b785d6d011.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin-seven day price chart. Source: Finbold</em>
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 </figure>
 <p class="paragraph">Finally, on-chain data from the crypto <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> platform <em>Santiment</em> noted that the prevailing bearish sentiment has influenced overall market discussions, resulting in a 35% drop in conversations about the flagship cryptocurrency as of January 22. Therefore, only time will reveal how Bitcoin will react to these market dynamics.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-price-prediction-as-whales-dump-3-billion-tbt77410.html">https://thebittimes.com/bitcoin-price-prediction-as-whales-dump-3-billion-tbt77410.html</a></p>

Bitcoin price prediction as whales dump $3 billion

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