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Bitcoin whale selling eased as BTC exchange inflows dropped sharply, making the trend line near $59,000 the critical support level to watch.) climbed to an intraday high of $68,300 during the early Asian trading hours on Tuesday amid a decline in whale selling.
Selling in the derivatives markets also eased, suggesting that the “bearish position is becoming less aggressive,” according to a new analysis.Large BTC deposits to Binance have dropped significantly, signaling reduced selling pressure.CryptoQuant’s exchange data highlighted a “shift in behavior” by large players, as whale Bitcoin deposits declined across major exchanges.in early February, whales became very active on Binance, sending as much as 11,800 BTC to the exchange in a single day. As a result, the monthly average of BTC exchange inflows moved higher, to nearly 4,000 BTC sent daily to Binance by the end of February, “reflecting a more pronounced distribution phase from large holders,” CryptoQuant analyst DarkfostSince then, the “situation appears to have cooled down significantly,” with the 30-day MA now sitting around 1,600 BTC sent daily to Binance,” the analyst said, adding: “This decrease in whale deposits could indicate a short-term slowdown in selling pressure, with large players seemingly adopting a wait-and-see approach in this still uncertain market environment.”Bitcoin whales and sharks have been accumulating The sharp decline in whale deposits coincided with the Bitcoin net position change among exchanges falling by 89,710 BTC on March 26, marking the largest spike since December 2024, according to The net position change, or the 30 day change of the supply held in exchange wallets, is at -68,650 BTC at the time of writing on Tuesday.Such outflows typically indicate strong accumulation by large holders, thereby reducing immediate sell-side pressure. Additionally, perpetual cumulative volume delta has increased by 38.1% over the last week to -$361 million from -$583 million, “indicating a decrease in sell-side pressure,” Glassnode“While it remains negative, the move suggests bearish positioning is becoming less aggressive, and buyer participation is starting to recover.”simple moving average Holding above this support level has previously led to significant recoveries in BTC price, as seen after the 2018 bear market and the 2020 Covid-19 crash. However, losing this support would trigger another downward leg for BTC before it finds a bottom, as seen during the 2022 macro drawdown.“The same level that confirmed every bull cycle in history. As long as $BTC holds this line, every dip is a gift.”This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research before making any decisions. Cointelegraph makes no guarantees regarding the accuracy or completeness of the information presented, including forward-looking statements, and will not be liable for any loss or damage arising from reliance on this content.
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