Bitcoin (BTC) saw a notable price increase last week, but the trend reversed recently with a significant drop. Just before this decline, a whale sold 500 BTC, worth $30.07 million, according to Lookonchain. This whale had a mixed trading history with BTC, making a profit on the first trade but losses on subsequent ones.

Glassnode's data shows a decrease in the number of addresses holding 10 or more BTC, indicating that large players may have been selling their holdings, contributing to the recent price drop. Currently, BTC is down over 2% in the past 24 hours, trading at $58,789.75. Additionally, whale exposure has decreased, with the whale vs retail delta falling to 0, meaning equal market exposure between whales and retail investors.

Looking ahead, if the bearish trend continues, BTC could test support around $53,000, with a potential drop to $43,000 if it breaks this level. However, if bullish momentum returns, BTC might target resistance near $61,000, and a successful breakout could push it towards $68,000.