![\"bitcoins](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/11\/Assessing-BTCs-latest-dip-1200x686.webp\")
\n\t\t\t\t\t\t<\/p>\n
![\"bitcoins](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/IMG_20230322_164923565_2-scaled-e1679645058899-80x80.jpg\")
<\/p>\n<\/p><\/div>\n
Share this article<\/h4>\n<\/p><\/div>\n<\/p><\/div>\n\n\n- An unknown wallet transferred BTC worth hundreds of millions to Coinbase<\/span><\/em><\/li>\n
- At press time, BTC seemed to be approaching a crucial support, and a re-test could change the prevailing market trend<\/span><\/em><\/li>\n<\/ul>\n
Bitcoin [BTC]<\/span><\/a> investors have been a happy crowd lately after it managed to push past $72,000 on the charts over the last few days. However, it couldn\u2019t sustain its positive momentum and soon, BTC started to drop. <\/span><\/p>\nHence, it\u2019s worth taking a closer look at why Bitcoin is down today.\u00a0<\/span><\/p>\nBitcoins Why did Bitcoin drop below $70k again?<\/h2>\n
Bitcoin bulls gained control of the market on 27 October. Since then, BTC has performed very well, with its value climbing as high as $73.4k on 30 October. Following the same, the cryptocurrency started to consolidate and remained somewhere near $72k. <\/span><\/p>\nHowever, things took a u-turn over the last 24 hours or so. Bitcoin\u2019s market bears returned and pushed the coin\u2019s price down by more than 4%. At the time of writing, it was <\/span>trading<\/span><\/a> at $69,063.85 on the charts.\u00a0<\/span><\/p>\nA possible reason behind this latest price correction could be a major transfer. Whale Alerts, an X handle that shares updates related to whale activity, <\/span>revealed<\/span><\/a> that more than 8000 BTC, worth over $567 million, were transferred from an unknown wallet to Coinbase. <\/span><\/p>\nSuch major sell-offs often trigger price declines. However, things in this scenario might be different. This wasn\u2019t the case on this occasion, however, as there are chances the transfer was made by a cold CEX wallet. These generally don\u2019t affect prices much. <\/span><\/p>\nIn fact, Lookonchain\u2019s recent <\/span>tweet<\/span><\/a> suggested that a whale actually bought the dip. <\/span><\/p>\nAccording to the same, after Bitcoin\u2019s price dipped, a whale bought 550 BTC, worth $38.68 million. Therefore, AMBCrypto checked other datasets to find out whether buying sentiment increased over the last 24 hours or not.\u00a0<\/span><\/p>\nBitcoins What next for BTC?<\/h2>\n
As per our analysis of Glassnode\u2019s data, Bitcoin\u2019s accumulation trend score had a value of 0.88. A number closer to 1 indicates that buying pressure is high. Bitcoin\u2019s NVT ratio also declined sharply over the last few days. <\/span><\/p>\nA drop in the metric means that an asset is undervalued. This could have also motivated investors to increase their accumulation while BTC\u2019s price dropped.\u00a0<\/span><\/p>\n\n![\"bitcoins](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/11\/glassnode-studio_btc-network-value-to-transactions-ratio-nvt.png\")
<\/a><\/p>\nSource: Glassnode<\/p>\n<\/div>\n
To better understand why Bitcoin is down today, AMBCrypto checked its daily chart. We found that BTC\u2019s Relative Strength Index (RSI) declined sharply over the last few days.\u00a0<\/span><\/p>\n
\n
- \n
- An unknown wallet transferred BTC worth hundreds of millions to Coinbase<\/span><\/em><\/li>\n
- At press time, BTC seemed to be approaching a crucial support, and a re-test could change the prevailing market trend<\/span><\/em><\/li>\n<\/ul>\n
Bitcoin [BTC]<\/span><\/a> investors have been a happy crowd lately after it managed to push past $72,000 on the charts over the last few days. However, it couldn\u2019t sustain its positive momentum and soon, BTC started to drop. <\/span><\/p>\n
Hence, it\u2019s worth taking a closer look at why Bitcoin is down today.\u00a0<\/span><\/p>\n
Bitcoins Why did Bitcoin drop below $70k again?<\/h2>\n
Bitcoin bulls gained control of the market on 27 October. Since then, BTC has performed very well, with its value climbing as high as $73.4k on 30 October. Following the same, the cryptocurrency started to consolidate and remained somewhere near $72k. <\/span><\/p>\n
However, things took a u-turn over the last 24 hours or so. Bitcoin\u2019s market bears returned and pushed the coin\u2019s price down by more than 4%. At the time of writing, it was <\/span>trading<\/span><\/a> at $69,063.85 on the charts.\u00a0<\/span><\/p>\n
A possible reason behind this latest price correction could be a major transfer. Whale Alerts, an X handle that shares updates related to whale activity, <\/span>revealed<\/span><\/a> that more than 8000 BTC, worth over $567 million, were transferred from an unknown wallet to Coinbase. <\/span><\/p>\n
Such major sell-offs often trigger price declines. However, things in this scenario might be different. This wasn\u2019t the case on this occasion, however, as there are chances the transfer was made by a cold CEX wallet. These generally don\u2019t affect prices much. <\/span><\/p>\n
In fact, Lookonchain\u2019s recent <\/span>tweet<\/span><\/a> suggested that a whale actually bought the dip. <\/span><\/p>\n
According to the same, after Bitcoin\u2019s price dipped, a whale bought 550 BTC, worth $38.68 million. Therefore, AMBCrypto checked other datasets to find out whether buying sentiment increased over the last 24 hours or not.\u00a0<\/span><\/p>\n
Bitcoins What next for BTC?<\/h2>\n
As per our analysis of Glassnode\u2019s data, Bitcoin\u2019s accumulation trend score had a value of 0.88. A number closer to 1 indicates that buying pressure is high. Bitcoin\u2019s NVT ratio also declined sharply over the last few days. <\/span><\/p>\n
A drop in the metric means that an asset is undervalued. This could have also motivated investors to increase their accumulation while BTC\u2019s price dropped.\u00a0<\/span><\/p>\n
\n<\/a><\/p>\nSource: Glassnode<\/p>\n<\/div>\n
To better understand why Bitcoin is down today, AMBCrypto checked its daily chart. We found that BTC\u2019s Relative Strength Index (RSI) declined sharply over the last few days.\u00a0<\/span><\/p>\n
\n - At press time, BTC seemed to be approaching a crucial support, and a re-test could change the prevailing market trend<\/span><\/em><\/li>\n<\/ul>\n
![](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/11\/BTCUSD_2024-11-01_13-00-54.png\")
<\/a><\/p>\n