The Great Bitcoin Handover: $8.2 Billion BTC Swamps Binance As Retail Momentum Fades
Bitcoin is struggling to reclaim the $69,000 level as persistent selling pressure continues to dominate the short-term market structure. After multiple failed attempts to establish acceptance above this key psychological threshold, price action reflects a defensive environment marked by reduced risk appetite and elevated volatility. Traders remain cautious, with liquidity conditions tightening and momentum favoring sellers rather than sustained accumulation. Technically, Bitcoin is trading below the shorter-term moving average, which has rolled over and is sloping downward, reinforcing near-term bearish momentum. The intermediate moving average is flattening and beginning to turn lower, signaling weakening trend strength. Meanwhile, the long-term average remains upward sloping but sits well below current price levels, suggesting that while the macro structure has not fully collapsed, the market is in a transitional phase.Related Reading
Volume expanded noticeably during the recent selloff, indicating active distribution rather than a passive drift lower. However, the latest candles show some stabilization near the $65,000–$70,000 support region, an area that previously acted as a breakout zone earlier in the cycle.
A sustained reclaim of the $75,000–$80,000 range would be required to restore bullish structure. Failure to hold current levels could expose deeper retracement toward long-term trend support.
Featured image from ChatGPT, chart from TradingView.com
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