Bitcoin continued trading sideways between $63,000 and $64,000, with the cryptocurrency trading around $63,923 after gaining 1.82% over 24 hours. However, trading volume fell 46%, reflecting weaker market participation despite the price recovery. The world's largest cryptocurrency had previously slipped below $63,000 as an AI-led selloff spread from equities to cryptocurrencies, with Bitcoin briefly dropping to $62.5K before recovering to around $64,000. According to The Economic Times, the cryptocurrency was trading at $63,969 around 2 PM IST on Saturday, with over the past 24 hours, Bitcoin gained 1.77%, while Ethereum rose 0.93% to trade at $1,843.
A significant development emerged as one long-term holder returned to the market after a year of inactivity, according to Onchain Lens. The whale wallet received another 1,001 BTC worth approximately $64 million, representing a $290 million Bitcoin acquisition through Galaxy Digital a year earlier. However, other whales have scaled back significantly and are now sitting on the sidelines, with the Exchange Whale Ratio holding around 0.3 over the past three days. The ratio slipped from 0.33 to 0.31, indicating that the largest inflows accounted for a slightly smaller share of total deposits. Spot Netflow remained negative for four consecutive days, showing overall exchange outflows exceeded inflows with Spot Netflow standing near -$10.86 million at press time.
The technical picture remains complicated after a confirmed bearish breakdown from a multi-month symmetrical triangle, with the move triggering roughly $780 million in long liquidations before buyers stepped in around the $60,000 level. Bitcoin now trades around $64,000 across major exchanges after rebounding from Tuesday's low of $62,271.9, with the 52-week low remaining $57,832.5. The UTXO Realized Price Distribution (URPD) reveals a heavy supply cluster at $66,898 holding about 2.04% of all Bitcoin, representing a critical resistance zone. To demonstrate strength, Bitcoin needs a close above the 0.618 Bitcoin Fibonacci level at $66,086, which sits about 2.45% above current price. A daily close above this band would open the path to $67,264, then $68,764, while support levels start at the channel base and $61,752 swing low.
Big traders are leaning long with whale accounts running about 28% more long than retail, showing broad alignment rather than conflict between groups. This positioning adds weight to signs that Bitcoin's long-term holders continue accumulating. The Liquidity Siphon Index shows 'outflow pressure building' as stablecoin supply slipped 0.35% in a week, though this represents a mild, benign drift rather than a panic-driven exit from crypto. Bitcoin spot ETFs are on track for modest outflows this week after ending an eight-week streak of heavy outflows last week, according to The Economic Times. Avinash Shekhar from Pi42 advised investors to build positions gradually with a disciplined approach, noting that the crypto market is showing encouraging signs of renewed institutional confidence with Bitcoin supported by fresh ETF inflows.
Despite the whale activity, demand remains weak with the group's buying activity currently below par. The ADX with the SMA indicator shows the positive index has continued to drop, with the +DI falling to 14, while the negative index rose to 26 and the ADX rose to 17. ADX and -DI rising together suggested that the downward pressure is stronger, indicating Bitcoin is most likely to see further losses on price charts. CoinDCX Research Team noted that Bitcoin touched a local high above $65,600, driven by nearly $209 million in short liquidations, and that crypto ETFs other than Bitcoin and Ethereum saw virtually no activity. The CoinSwitch Markets Desk added that Bitcoin now faces resistance around $67,200, with a sustained breakout above this level potentially paving the way toward $70,000. However, traders remain cautious as the cryptocurrency approaches its 50-month exponential moving average (EMA), which has historically acted as a key resistance level during bearish phases.
