![Bitcoin Price’s Bullish Momentum is Back Despite BTC Whales Making Moves](http://media.assettype.com/voiceofcrypto%2Fimport%2Fwp-content%2Fuploads%2F2023%2F11%2FArticle-94-94_11zon.jpg?w=480&auto=format%2Ccompress&fit=max)
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Bitcoin dropped sharply this week on Nov. 14. The cryptocurrency fell straight down from $38,000 to about $35,000 in a matter of hours.
This sudden drop in the cryptocurrency, according to analysts, was caused by a wave of selling pressure from whales. The whales, it appears, were eager to take advantage of BTC's rally to $38,000, and started to book profits massively.
It turned out that Bitcoin's price decline may have been a direct result of the recent release of the U.S. Inflation Data.
This data showed an increase in the Consumer Price Index for October that was lower than analysts predicted.
The CPI rose by 0.9% month-on-month and 6.2% year-on-year, slightly below analyst predictions of 1% and 6.3%, respectively.
This inflation data was expected to be largely positive for BTC because it now meant that the Federal Reserve would be forced to reconsider its monetary stimulus and raise interest rates.
However, BTC behaved completely differently and failed to sustain its momentum above $37,000 and quickly declined to $34,800.
Another issue that may have influenced Bitcoin's price drop may have been how the whales jumped on the profit-taking train.
Data from Glassnode even shows that more than 15 wallets with over 1,000 BTC sold or redistributed their holdings as the BTC price rose from $35,000 to nearly $38,000 on Nov. 3.
Glassnode also says that BTC inflows to crypto exchanges are growing. The on-chain data tracking platform shows that about 34,000 BTC were transferred to exchanges in a single month.
Glassnode data also shows that the number of whale wallets has decreased to its lowest level in about a month.
This indicates that the whales may now be dumping their holdings massively after Bitcoin's rally to $38,000.
While Glassnode shows that whales are sending all their crypto into exchanges, Material Indicators, via a recent tweet, also mentioned that whales were dumping their Bitcoin on the market.
Material Indicators mentioned that there was a significant amount of sell orders around the $38,000 level, which acted as a strong resistance for BTC.
The data tracking platform also mentioned that as the price of Bitcoin approached $38,000, the sellers became very aggressive and started to sell massively.
Coinglass data also shows the insane amounts of liquidations over the last day, from traders who were hoping that the price of BTC would break past $40,000 and reach $42,000 or $45,000.
As of 14 November, the BTC bulls had lost as much as $120 million.
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