Bitcoin’s price has taken a significant downturn over the last few hours, plummeting to $86,000, a level not seen since April. Analysts indicate that this price drop has brought Bitcoin close to its primary support line.

The concerning news revolves around major whales, particularly Owen Gunden, a prominent figure in the Bitcoin community. Gunden has been liquidating his holdings, selling 11,000 BTC since October, which amounts to approximately $1.3 billion.

His most recent transaction involved a transfer of $230 million worth of Bitcoin to Kraken earlier today.

OWEN GUNDEN HAS NOW SOLD ALL OF HIS $1.3 BILLION BITCOIN
Owen Gunden was an OG Bitcoin whale who held BTC since 2011. Since late October he has sold 11K BTC worth $1.3 billion.
He has just transferred $230M of BTC to Kraken, marking his final sale.
— Arkham (@arkham) November 20, 2025

The behavior of Gunden is strikingly different from other whales who have been accumulating during this market dip, which has seen Bitcoin’s value slide from over $107,000 to $86,000 in less than 10 days.

Amidst this, traders are now focusing on support levels that could potentially halt this downward trend. Analyst CW pointed out a significant buying wall at $85,000, marking it as a crucial defense point.

You may find these articles interesting:

• $180M Liquidated in 1 Hour as BTC, ETH, and XRP Crash Harder
• Short-Term Bitcoin Holders Are Capitulating: Analysts See Possible Final Flush
• Analyst: Bitcoin Is Repeating the Pattern Behind S&P’s 200% Rally

The Wolf Of All Streets expressed concerns about Bitcoin’s trajectory, suggesting that it could become “truly disgusting” if it touches the 200 MA around $55,000.

Recent market activity has resulted in over $410 million worth of long positions getting liquidated within just 24 hours, with total wrecked positions nearing $900 million across the market. Data from CoinGlass highlighted that the largest liquidation occurred on HTX, exceeding $30 million.