Bitcoin Recovers Above $64,900 With Whale Support Amid Selling Pressure
Bitcoin climbed above $64,900 following a rebound from $62,000, with large whale orders providing support despite exchange inflows suggesting retail profit-taking.
Bitcoin rose to $64,903, up 1.6% daily and 3% over the past week, as it remained trapped within a descending channel. Large whale orders clustered between $63,000 and $64,000 provided support at key price levels, according to on-chain data from CryptoQuant.
A newly created wallet received 1,346 BTC worth $87.28 million, with 614.95 BTC traced to Galaxy Digital. Meanwhile, the Exchange Whale Ratio declined from 0.4 to 0.36, indicating whales represented a smaller portion of exchange inflows. Bitcoin's Whale Buying Activity indicator showed net buying for five consecutive days, with average buy volume reaching 3,308 BTC.
However, headwinds remained. Positive exchange netflow at 498 BTC suggested more bitcoin was entering exchanges than leaving, raising potential selling pressure. The ADX indicator showed bulls held only a slight edge, with the positive directional index at 19 against a negative index of 18.
The article notes that continued whale accumulation could push Bitcoin toward $66,000, yet sustained retail profit-taking might keep it trading sideways.
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