Bitcoin Whales Selling Cools as BTC Nears Key $60,000 Support

Highlights:

• Bitcoin whales cut Binance inflows, easing pressure as Bitcoin approaches the key $60,000 support level.
• Bitcoin below $54,000 has historically marked the market’s strongest long-term accumulation zone.
• BTC is trading around $68,668, down by 1.75% over the last 24 hours.

Bitcoin whales have slowed down their selling activity as Bitcoin approaches the critical $60K support level. Despite a challenging environment, Bitcoin has maintained its range between $62,000 and $75,000, showcasing some resilience. After reaching its all-time high in October, Bitcoin has corrected and entered a phase of consolidation.

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Bitcoin Whale Inflows Ease Near a Key Support

According to CryptoQuant analyst Darkfost, exchange data points to a clear change in behavior among large holders on Binance. Earlier in February, as BTC moved toward $60,000, Bitcoin whales sent heavy volumes to the exchange. On February 4 alone, inflows reached more than 11,800 BTC, marking the strongest daily spike in the period.

That rush lifted the 30-day average of whale deposits sharply by late February. Daily inflows climbed from roughly 1,000 BTC to almost 4,000 BTC, which signaled stronger distribution from major holders. Since then, the pace has slowed as the data shows the 30-day average falling to about 1,600 BTC per day.

The drop suggests selling pressure has eased, at least for now, across Binance. Instead of pressing sales, Bitcoin whales appear to have stepped back while the market tests direction. Darkfost noted the decline in large deposits may reflect a short-term pause, with major players choosing patience in a market that still lacks clarity.

Bitcoin’s Best Buy Zone Sit Near Realized Price

Bitcoin often reveals value when fear grips the market, and prices sink toward the realized price. Realized price reflects the market’s average cost basis in a widely used form. Therefore, a move below that level usually signals deep stress across the market. In past cycles, that zone has also marked strong Bitcoin accumulation areas.

Currently, crypto analyst CryptoMe, citing CryptoQuant data, states that the realized price sits near $54,000, which traders track as a major support area. If Bitcoin drops to that level, history suggests buyers often step in gradually. However, few investors catch the exact bottom, so steady buying matters more than perfect timing.

Earlier drawdowns show that Bitcoin can remain below the realized price for very different periods. Some lasted only seven days, while others stretched to 301 days. Moreover, past moves show that the price can slide much lower after that break. The $54,000 level consequently matters because it places Bitcoin below the market average.

Bitcoin Price Action

Bitcoin’s price has undergone major fluctuations recently, dropping from highs of $75K to $65K. The ongoing geopolitical tensions have seen the price react as de-escalation reports continue to surface. Currently, the broad market is experiencing a downturn while the capital shifts to other sectors, such as oil. 

As of this writing, Bitcoin was trading around $66,668, down by 1.75%. This latest pullback has lifted the weekly decline to over 5%, indicating the prolonged market weakness. Moreover, its market capitalization and trading volume have declined to $1.33 trillion and $38 billion, respectively.

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