Whales Take Control as Bitcoin Price Hovers Near Key Support Levels
Bitcoin's price has been trending higher after rebounding from $62,000 a few days ago. Despite remaining within a broader descending channel, the upside pressure is strengthening.
The current price of Bitcoin is around $64,903, with a daily increase of 1.6% and a weekly gain of 3%. Large whale orders have been observed between $63,000 and $64,000, indicating key support levels.
CryptoQuant's data shows that whales are indeed buying BTC, with the Spot Average Order Size highlighting large whale activity in this price range. Additionally, Lookonchain reported a newly created wallet receiving 1,346 BTC worth $87.28 million, with 614.95 BTC coming from Galaxy Digital.
Meanwhile, the Exchange Whale Ratio has declined to 0.36, suggesting that whales are accounting for a smaller share of exchange inflows. The Bitcoin Whale Buying Activity indicator has also recorded net buying for five consecutive days, with the highest buy volume reaching 831 BTC on August 8th and an average of 3,308 BTC.
However, despite whale activity, Bitcoin is struggling to sustain its upward momentum, with small-scale spot trades weighing on the market. Exchange Netflow remains positive, but only for two consecutive days, standing at 498 BTC.