Bitcoin has closed at lower lows for two consecutive days for the first time in ten days, trading at $62,714 with a 1.04% decline on daily charts, as reported by AMBCrypto. The cryptocurrency was trading at $62,712 with a 0.57% decline in the past 24 hours, marking a significant shift from the earlier rally above $64,000. This latest movement comes after whales demonstrated significant confidence by opening substantial leveraged positions, with one whale opening a 40x short position on 493 BTC worth $31 million, showing an unrealized profit of $220,000 after spending approximately $2,000 in funding fees. The whale's decision to open a short position showed strong pessimism, anticipating the market to continue declining.
The broader market sentiment has turned decidedly bearish as the Long/Short Ratio fell back to 0.97 as of writing, indicating that most traders opened short positions over the past day, according to AMBCrypto. This represents a significant decline from the earlier readings of 1.3 on Binance and 1.4 on OKX, when long positions outnumbered shorts across both platforms. The Derivatives Taker Buy Sell Ratio stayed below 1 for a second consecutive day, standing near 0.88, indicating that sell orders continued outweighing buy orders. According to CoinGlass data, derivatives volume declined by 29% while Options Volume declined by 32%, indicating reduced speculative activity and weakening market participation as traders opted for a wait-and-see approach.
Bitcoin traded near $63,240 after gaining 0.18% daily and almost 6% over the past week, as reported by AMBCrypto. Futures flows revealed sustained selling pressure, with Futures Outflows reaching $18.9 billion compared to $18.7 billion in Futures Inflows over the past 24 hours. This resulted in Futures Netflow falling 146% to a negative $233 million, reflecting the continued selling pressure in derivatives markets. The broader crypto market capitalization edged down 0.82% to $2.16 trillion, according to CoinMarketCap. Among major altcoins, Ethereum was down 0.51% at $1,753, while BNB, XRP, Solana, Hyperliquid, Dogecoin, and Cardano slipped up to 5.60%, with Tron up 0.24%. However, spot Bitcoin ETFs recorded a second consecutive day of net inflows totalling $265 million, suggesting early signs of easing selling pressure.
Technical indicators continue to provide bearish signals for Bitcoin's near-term prospects, according to AMBCrypto analysis. The MACD has risen above the signal line but remained negative, suggesting that although the bearish trend has recently weakened, it has yet to turn bullish. The Positive DMI index was below both ADX and -DI, indicating that the trend remains weak and positioned to continue. A decisive breakout could potentially open the path toward $65,800, but widespread long liquidations could send Bitcoin back toward the $62K support level. Riya Sehgal, Research Analyst at Delta Exchange, noted that Bitcoin faced supply near the 4H 200 EMA around $63,850–$64,000, making this the first resistance zone for traders. Akshat Siddhant, Lead Quant Analyst at Mudrex, observed that Bitcoin is consolidating near the $63,000 level after failing to sustain a move above the $64,500 resistance. Market experts emphasized that Bitcoin has remained resilient above the $60,000 mark despite geopolitical tensions, ETF outflows, and a softer first half of the year, with the market's ability to hold key levels suggesting that selling pressure is gradually becoming more measured.
