Bitcoin Plunges to $86K as OG Whale Sells Off All $1.3 Billion BTC Holdings

Bitcoin’s price actions took another turn for the worse over the past few hours, as the asset plummeted further to $86,000 on most exchanges for the first time since April.

This means that the cryptocurrency has neared a main support line according to numerous analysts, but the more worrisome part is the behavior of some whales.

Data shared by Arkham shows that Owen Gunden, a well-known Bitcoin OG who has held the asset for 14 years, has been on a massive selling spree lately. More precisely, the entity has disposed of 11,000 BTC since October, a stash that is worth $1.3 billion.

The latest transaction on this front came earlier today when Arkham detected a substantial transfer of $230 million worth of the cryptocurrency to Kraken.

This behaviour is quite different from that of other whales who have been accumulating during the most recent broader crash, according to some reports, which pushed the asset from over $107,000 to $86,000 in the span of less than 10 days.

With bitcoin dropping to $86,000 minutes ago, analysts now discuss the next major support lines that can halt the freefall. CW outlined a significant whales’ buying wall at $85,000, which could be the first line of defense.

The Wolf Of All Streets believes BTC’s situation could turn “truly disgusting” if it heads to the 200 MA situated at $55,000.

With its latest decline, BTC has liquidated over $410 million of longs in the past 24 hours, while the total value of wrecked positions across the entire market stands close to $900 million. Data from CoinGlass shows that the largest liquidation order occurred on HTX and was worth over $30 million.

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