Is Bitcoin Supply Moving To Strong Hands? Whale Data Suggest Structural Shift
Bitcoin continues to struggle to reclaim the $70,000 level, with persistent selling pressure keeping the market in a defensive posture. Price action has repeatedly failed to establish sustained momentum above this psychological threshold, reflecting cautious sentiment among both institutional and retail participants. While volatility has moderated compared with the sharp declines seen earlier in the cycle, the broader structure still suggests a market searching for direction rather than entering a clear recovery phase. From a technical perspective, price is currently trading below the 50-, 100-, and 200-period moving averages, all of which are beginning to slope downward. This alignment typically signals bearish momentum and suggests rallies may continue to face resistance. The 200-period average near the mid-$90,000 region now represents a major structural barrier rather than support.Related Reading
Volume dynamics reinforce this interpretation. Selling spikes accompanying recent declines appear stronger than buying activity during rebounds, indicating distribution rather than accumulation in the short term. However, the stabilization near the $65,000–$70,000 range suggests a potential consolidation phase rather than immediate continuation lower.
Key support sits around the recent local low near $60,000. A sustained breakdown below that level could trigger another volatility expansion, while recovery above $80,000 would be required to neutralize the current bearish structure and shift sentiment toward stabilization.
Featured image from ChatGPT, chart from TradingView.com
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