Bitcoin’s price decline to $60,000 has triggered significant selling by large holders, with one whale depositing $559 million worth of BTC onto Binance over two days. On-chain data shows sustained sell-side whale activity and negative momentum indicators, suggesting sellers dominate the market with thin buy-side liquidity.
Bitcoin declined to around $65,100 after facing rejection at the $72,000 level. The cryptocurrency was trading near $60,000, reflecting a drop of over 1.6% on daily charts. Whale selling pressure has remained steady for two consecutive weeks according to on-chain analysis.
A notable whale deposited 8,200 BTC, valued at $559 million, into Binance over a two-day period as observed by the analytics platform Lookonchain. Historical patterns indicate that sales from this specific entity have previously correlated with subsequent Bitcoin price decreases. Following this latest activity, BTC’s price fell more than 3%.
The market is experiencing a macro risk-off period with sustained downward momentum. Bitcoin’s Ease of Movement indicator has stayed negative for 30 straight days, suggesting prices decline easily despite low trading volume.
This environment indicates that selling pressure faces little resistance from buyers. The Money Flow Index reading of 32 further confirms weakened buying pressure and dominant selling activity in the market.
Exchange netflow data shows brief periods of buying activity have provided temporary support. The price recovered from a dip to $65,000 when netflow dropped to -1,400 BTC, signaling increased demand. For a trend reversal to occur, buyers and whales need to be incentivized to re-enter the market in force.
