Bitcoin Price Action: Sellers Retain Edge Amid Possible Recovery Setup

Bitcoin's recent price action has been within a narrow $62,000 to $65,000 range over the past week, according to data. On-chain metrics suggest that Bitcoin may be forming a recovery setup, but longer-term Spot Flows still show that sellers retain influence.

Supply in Profit, which tracks the share of Bitcoin's circulating supply held at a profit, remains within the lower market band between Bottom Discovery and Liquidity Accumulation. This range often precedes major recoveries, but it alone cannot confirm whether Bitcoin has formed a cycle bottom.

The Short-Term Holder Realized Price chart shows that recent buyers are entering at progressively higher prices, which could support a stronger demand recovery. However, the orange 1W-1M line remains below the green 1M-3M line, and a bullish crossover would be needed to confirm this trend.

Spot Flows show mixed demand across different timeframes, with $22.36 million in Bitcoin moving off exchanges over 24 hours, but $211.24 million moving onto exchanges over seven days. This suggests that sell-side pressure has not disappeared and may keep Bitcoin range-bound until buy-side demand absorbs the supply.