Bitcoin [BTC] trended higher after rebounding from $62,000, trading near $64,903 at press time, up 1.6% daily and 3% over the week. Whale activity supported the price, with large orders concentrated between $63,000 and $64,000, as shown by CryptoQuant data. A new wallet received 1,346 BTC worth $87.28 million, including 614.95 BTC from Galaxy Digital, as reported by Lookonchain. The Exchange Whale Ratio declined to 0.36, and Whale Buying Activity showed net buying for five consecutive days, with buy volume reaching 831 BTC on August 8. However, positive Exchange Netflow of 498 BTC indicated potential selling pressure from smaller traders.
Bitcoin has recovered from a recent dip hitting $62,000, climbing back to approximately $64,903. The cryptocurrency gained 1.6% in a single day and 3% over the past week, though it remains inside a broader descending channel.
Large investors, or whales, appear to be offering support. According to CryptoQuant data, the Spot Average Order Size revealed substantial whale orders in the $63,000 to $64,000 range, marking these prices as key whale zones. A separate report from on-chain analytics firm Lookonchain highlighted that a newly created wallet received 1,346 BTC, valued at $87.28 million, with 614.95 BTC originating from Galaxy Digital.
The Exchange Whale Ratio dropped from 0.4 to 0.36, suggesting whales now account for a smaller share of exchange inflows. Meanwhile, the Whale Buying Activity indicator recorded net buying for five consecutive days; on August 8, buy volume rose to 831 BTC, with the average buy volume reaching 3,308 BTC.
Despite this buying pressure, Bitcoin has struggled to sustain upward momentum. Small-scale spot trades appeared to weigh on the market, and Exchange Netflow remained positive for two consecutive days, standing at 498 BTC at press time. Positive netflow indicates more BTC entered exchanges than left, raising potential selling pressure.
Technical signals show a mixed picture. The ADX with the SMA indicator displayed a bullish +DI crossover, with the positive index rising to 19 while the negative index sat just below at 18, giving bulls only a slight edge. Continued whale buying could push Bitcoin toward $66,000, while ongoing retail profit-taking may keep BTC trading sideways.
