Bitcoin Trapped Below Resistance as Whale Activity Surges

Bitcoin remains stuck below key resistance levels despite managing to stabilize above an important support region. The broader trend is still bearish, but a recent recovery attempt is accompanied by increasing activity from larger market participants.

The daily chart shows BTC trading below both the 100-day and 200-day moving averages, which are positioned around $68K and $72K respectively. This bearish alignment confirms that sellers still control the broader trend.

Following a sharp breakdown in early June, Bitcoin has entered a prolonged consolidation phase between $58K and $66K. The price is currently hovering around $64K after several failed attempts to reclaim the overhead supply near $66K.

The Exchange Whale Ratio EMA has started climbing sharply after spending several weeks at relatively subdued levels. This metric measures the proportion of the largest exchange inflows relative to total inflows, with higher readings generally indicating that larger holders are becoming more active.