Bitcoin held above $63,000 following a brief dip, trading near $64,300. A dormant whale resurfaced after one year, depositing 625 BTC worth $39.96 million into FalconX, realizing a loss of over $20 million after purchasing the tokens when Bitcoin was around $96,000. However, broader long-term holder behavior suggests limited selling pressure. The RHODL Ratio dropped to levels last seen in October 2023, and the Sell Side Risk Ratio remained extremely low at 0.000357, indicating most long-term holders are not exiting. Bitcoin’s Directional Logistic Oscillator remained negative, with $66,000 acting as dynamic resistance.
Bitcoin has held above $63,000 since rebounding from a brief dip to $62,000 three days ago. At press time, the asset was trading near $64,300.
According to Lookonchain, a whale deposited 625 BTC worth $39.96 million into FalconX after more than a year of dormancy. When the whale purchased these tokens, Bitcoin was trading around $96,000, and he spent $59.98 million.
Since then, Bitcoin has decreased by approximately 33%, significantly impacting his investment. As a result, the whale has lost over $20 million over this period.
The whale’s decision to sell during a period of extended weakness and realize such high losses reflected growing skepticism. Interestingly, this behavior diverges from the broader market sentiment among long-term holders.
In contrast, long-term holders have significantly reduced spending. The RHODL Ratio has dropped to levels last seen in October 2023.
A low RHODL ratio often suggests that selling pressure from long-term holders is significantly limited. The long-term holders’ Sell Side Risk Ratio also remained extremely low at 0.000357, indicating that market pressure from long-term holders is very low and those exiting are a minority.
Long-term holders are heavily exiting the market primarily because of losses. With over $217 billion in unrealized losses, they are not incentivized to sell.
Bitcoin remains range-bound, and the recent whale move has not affected price action. For now, the market remains weak.
The Directional Logistic Oscillator remained largely negative and has been held within this zone for months, reflecting prolonged bearish pressure. Bitcoin has held below the RSI Momentum Trend since it failed to hold above $66,000.
Currently, $66,000 remains as dynamic resistance, and Bitcoin needs to close above this price level to boost recovery prospects. However, if sentiment remains low, Bitcoin is likely to continue trading sideways.
