Bitcoin whale selling cools as $60K becomes the focus for BTC price

Bitcoin whale selling eased as BTC exchange inflows dropped sharply, making the trend line near $59,000 the critical support level to watch.

Bitcoin (BTC) 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.

Key takeaways:

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• Large BTC deposits to Binance have dropped significantly, signaling reduced selling pressure.

  Bitcoin analysts view the 200-week simple moving average at $59,430 as a key support level for BTC price.

  Bitcoin whale selling slows down

  CryptoQuant’s exchange data highlighted a “shift in behavior” by large players, as whale Bitcoin deposits declined across major exchanges.

  The chart below shows that as Bitcoin dropped to $60,000 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 (30-day MA) 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 Darkfost said in an X post on Tuesday. 

  Since 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.”