Bitcoin pays the price as OG whales take profits: More losses ahead?

**Key Takeaways**

**What is the main factor driving the recent sharp price decline in Bitcoin?**
Bitcoin OGs and Megawhales have been aggressively selling, offloading over 17,000 BTC and increasing the supply available for selling.

**What is Bitcoin’s short-term resistance and critical support level?**
BTC must breach the $111,513 resistance for a rebound or risk dropping below the $106,124 support level to $103,571.

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Since hitting $116K a week ago, Bitcoin (BTC) has faced massive downside pressure, dropping to a low of $106K. At press time, Bitcoin was trading at $107,758, down 2.79% on the daily charts.

Amid this bearish market sentiment, long-term large holders have accelerated the downtrend by increasing the supply available for immediate selling.

### Bitcoin OGs Are Dumping

As Bitcoin struggles, three OGs have sold a combined 17,265 BTC, considerably reducing their holdings. According to Lookonchain:

– Bitcoin OG (1011short) deposited 13,000 BTC, worth $1.48 billion, onto exchanges including Kraken, Binance, Coinbase, and Hyperliquid.
– Whale Owen Gunden sold 3,265 BTC worth $364.5 million on Kraken.
– Insider whale 19D5 (Hyperunit seller) sold 1,000 BTC through Kraken and has moved a total of 2,455 BTC into Kraken and Hyperunit, reducing his holdings to 35,800 BTC.

### Megawhales Selling Intensifies

These three whales are not isolated cases. Megawhales have been aggressively selling as well. According to Checkonchain:

– On November 2nd, Megawhale balance change surged to 32.6K BTC before dropping to 23.4K BTC on November 3rd.
– In total, Megawhales deposited 56,000 BTC into exchanges, exceeding their withdrawals, which indicates intense selling pressure.

Typically, aggressive selling by Megawhales reflects a lack of market conviction as they anticipate further downside. Increased exchange deposits from this group raise the supply available for immediate selling, accelerating the risk of further price declines.

### What’s Next for BTC?

According to AMBCrypto, Bitcoin’s sharp decline amid aggressive whale selling positions it for potentially more losses. Historically, increased selling by whales has led to lower prices.

If Megawhales and OGs continue dumping, BTC could breach the critical support at $106,124 and drop further toward $103,571. Conversely, if retail investors—especially smaller holders (shrimp)—increase their accumulation pace, they could provide some support.

Such retail-driven support could position BTC for a rebound toward the $111,513 resistance level. However, this rebound largely depends on positive macroeconomic data hitting the market.

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**Summary:**
Bitcoin’s recent sharp price decline is largely driven by heavy selling from OGs and Megawhales, who have offloaded over 17,000 BTC, increasing selling pressure. The key levels to watch are $111,513 on the upside and $106,124 on the downside. Continued whale selling risks pushing BTC below support, while increased retail buying could help stabilize and rebound prices if supported by favorable macroeconomic conditions.
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