Continue to note that the price of Bitcoin is under pressure, as it extends its recent decline without a confirmed reversal. BTC is trading near $66,996 at the time of publication, reflecting the prevailing caution in the cryptocurrency market.
Increased uncertainty has driven many investors toward selling, while one key sector is actively trying to stabilize price movement.
Bitcoin holders are in a loss position
The Spending Profit Ratio (sopr) shows increasing doubts among Bitcoin investors. The sopr measures the ratio between the dollar value of sold coins and their original purchase price. When the indicator remains above 1, investors are selling at a profit.
Recently noted that the sopr has trended towards or below 1. Readings below 1 indicate that investors are selling at a loss. This behavior often reflects capitulation driven by fear rather than planned distribution.
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History has shown alignment of prolonged periods of the sopr indicator below 1 with local bottoms. Liquidation processes can indicate the exhaustion of weak hands. However, ongoing negative readings also emphasize the fragility of overall sentiment and a decrease in short-term conviction in Bitcoin's price recovery.
Whales come to the rescue of Bitcoin
While small investors sell, Bitcoin whales are recycling capital back into BTC. Addresses holding between 10,000 and 100,000 BTC have accumulated more than 70,000 BTC since the beginning of the month. This accumulation is equivalent to nearly $4.6 billion at current prices.
This widespread buying contributes to structural support. Whale demand seems to offset part of the panic selling. Without this absorption, Bitcoin's price could have faced further downward acceleration during recent volatility.
The outflows from trading platforms provide further insights into overall positioning. This indicator measures the ratio of trading balances that are transferred daily to large entities. Since Bitcoin dropped below $80,000, the 30-day simple moving average has risen to 3.2%.
This pattern resembles the structure seen in the first half of 2022. During that period, whales accumulated their assets in waves before the next bull market began. Continuous withdrawals indicated long-term positioning rather than short-term speculation.
Direct the historical parallel to exercise caution. In 2022, price fixation continued for several months before the recovery phase began. Whale accumulation does not guarantee immediate positive momentum. Broader macro conditions and liquidity cycles continued to influence Bitcoin's trajectory.
Bitcoin price finds support
Bitcoin price is trading at $66,996, holding just above the support level of $66,749. The recent rejection near $70,610 reflects psychological resistance associated with profit-taking. Sellers have appeared active near that area, limiting attempts at upward continuation.
In the short term, BTC must defend $65,000 while holding below $70,610. Sustainable stability may build momentum for a price breakout. Recovery confirmation requires reclaiming $78,656 as a support level.
If whale accumulation slows down, the risk of a downturn may increase. Losing current support could push Bitcoin towards $63,185. A deep decline towards $60,000 would support the broader corrective scenario and invalidate the bullish hypothesis.
