After $1Bn BTC Whale Sale, Will Bitcoin Stabilize and Ethereum’s Ecosystem Priorities Boost Confidence?
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Ben Graham
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Bitcoin Price News: After $1B BTC Whale Sale, Will Bitcoin Stabilize and Ethereum’s Ecosystem Priorities Boost Confidence?
Bitcoin enters November after posting its first negative October in six years.
The drop has sparked debate among traders about whether the pullback signals a deeper decline or a normal pause before the next move.
According to CoinGecko, the Bitcoin price is down about -4.4% in the past day and trades near $107,000.
That slide has helped pull the broader crypto market lower, with total value down 2.2% to $3.64 trillion.
The retreat triggered more than $1.16Bn in long liquidations on November 3, showing how quickly leverage has unwound across major venues.
(Source: Coinglass)
The weakness came as global markets adjusted to shifting policy signals. Federal Reserve Chair Jerome Powell confirmed the end of quantitative tightening and said rate cuts were coming.
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Bitcoin Price Prediction: Can Bitcoin Hold Its Key Weekly Support Near $103,000?
But later comments cooled hopes for a cut in December, adding uncertainty and weighing on risk assets.
A long-silent Bitcoin wallet has also moved after nearly 14 years. The address transferred 10,000 BTC, first purchased for around $1.54 each, a crypto investor named Ted said.
The holder is believed to have sold the full amount today for roughly $1Bn, marking one of the largest profit-taking events linked to an early Bitcoin address.
On the charts, Bitcoin is now retesting a key support zone after pulling back toward a long-term blue moving-average line on the weekly timeframe.
The analyst noted that every major upswing since March 2023 has originated from this area, with past touches resulting in strong rebounds.
Bitcoin is trading close to $103,000, sitting just above its key moving average band at the same level.
A weekly close below this zone could signal that the rally is losing strength and open the door to a deeper pullback, possibly toward the $40,000 area.
If the trendline holds, the broader uptrend remains in place. In that case, analysts see room for a move toward $150,000 if buyers regain control.
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Ethereum Price Prediction: Could Ethereum Rebound From Its Long-Term Support Against Bitcoin?
Traders are watching how the market closes this week to get a clearer signal.
Meanwhile, the Ethereum Foundation has introduced a revised grant program designed to take a more proactive approach to ecosystem support.
The group paused new applications in August under its previous ESP framework, saying it needed time to reassess funding priorities.
It now runs through two paths: a “Wishlist” and a “Requests for Proposals” track.
The Wishlist points to broad areas where the Ethereum Foundation sees gaps worth addressing. The RFP route outlines specific problems and asks applicants to present practical solutions.
On the market side, Ethereum’s weekly chart against Bitcoin shows the pair pulling back into a key demand zone near 0.032–0.035 BTC.
Analyst Michaël van de Poppe said the area offers a reasonable window for accumulation.
The pair has been sliding since its late-summer peak, giving back a strong 145% rebound from April. Price action is still forming lower highs, though the current pullback is nearing an earlier support area.
The 50-week moving average remains above the market, showing weakness. Trading volume is also waning, suggesting that selling pressure may be easing.
If this support holds, a short-term bounce is possible. But if buyers fail to defend the zone, the chart leaves room for a drop toward 0.026 BTC, with deeper levels around 0.022–0.019 BTC.
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