Bitcoin has erased its recent rally gains, falling below $66,000 over the weekend and re-entering what analysts label an accumulation zone. On-chain data suggests sell-side pressure is easing, but the market lacks strong demand for a sustained recovery, with Bitcoin continuing to trade within a multi-month sideways channel.
Bitcoin has had a rough weekend, erasing all gains from its previous rally. The asset briefly dumped below $66,000, remaining firmly in its almost two-month-long sideways channel.
On-chain analytics provider Coinglass commented that momentum remains tentative, with lower highs defining the short-term structure. The firm stated, “While conditions remain fragile, easing sell-side pressure and stabilising flows suggest the groundwork for a potential recovery is forming, though stronger demand is still required to confirm a sustained shift.”
CryptoQuant noted that Bitcoin had dipped back into the accumulation zone. Analysts stated that whales are increasingly active on the Binance platform, depositing large Bitcoin batches that will potentially be sold.
Analyst ‘Daan Crypto Trades’ observed that the market is slowly compressing around the $60,000 to $80,000 region. Meanwhile, analyst ‘Sykodelic’ remained bullish, stating that Bitcoin is trading in the largest pocket of supply it has ever had over five years.
Elsewhere on crypto markets, Ethereum prices made a minor move from around $2,000 to $2,080 before hitting resistance. Altcoins remained mostly flat with low volumes, while an article from the Wall Street Journal reported President Trump is willing to end the Iran War even if the Strait of Hormuz remains closed.
