Bitcoin faces persistent bearish pressure but buyers are attempting to sustain a recovery above the critical $60,000 level. The cryptocurrency remains below its key 100-day and 200-day moving averages on the daily chart, indicating the broader downtrend is intact. While a bounce shows short-term resilience, elevated whale activity moving coins to exchanges suggests underlying selling pressure could cap upside momentum.
Bitcoin continues to operate within a broader bearish structure despite recent efforts by buyers to maintain prices above $60,000. The asset remains below both the 100-day and 200-day moving averages on the daily timeframe, confirming a persistent downside bias. It is also still contained within a descending channel, preventing confirmation of a genuine trend reversal.
The primary support zone lies between $60,000 and $61,000, which previously sparked a reaction in February. Major resistance is situated from $75,000 to $80,000. According to the analysis, any rallies below this region are likely considered corrective rather than impulsive.
On the 4-hour chart, Bitcoin trades inside a large flag pattern, reinforcing the view that the recent advance is a recovery structure. The price currently hovers near $69,000 after failing to sustain a break above the pattern’s upper boundary around $73,000. Momentum indicators remain neutral for now.
The lower trendline of the flag aligns with the $64,000 to $65,000 area, which buyers must defend to enable another push toward channel resistance. A breakdown below this boundary could lead prices back toward the $60,000 zone, potentially extending losses in the coming weeks.
From an on-chain perspective, data shows the 30-day exponential moving average of the Exchange Whale Ratio has surged sharply. This signals increased activity by large holders sending coins to exchanges recently, which typically acts as a warning sign. Elevated whale inflows often increase the probability of sell-side pressure.
While the price attempts to stabilize short-term, the on-chain backdrop remains cautious. The chart structure may still permit a recovery bounce, but the rise in whale activity suggests upside could remain capped unless this metric begins cooling off again.
