Bitcoin recovered from $57K but continued to struggle to break the $64K resistance. In fact, BTC faced rejection at that level three times.
At press time, Bitcoin (BTC) was trading near $63,240 after gaining 0.18% daily and about 6% last week.
Even so, several low-cost investors remained confident despite repeated rejections.
Why are Bitcoin whales changing?
When Bitcoin tested this critical resistance, some whales entered long positions.
According to Lookonchain imagesone whale opened 40x long on 1,000 BTC worth $63.8 million. The position reported an unrealized profit of $698,000 after paying approximately $14,000 in Contribution Fees.
Another whale opened a 20x long at 470.4 BTC worth about $30 million.
However, the position showed an unrealized loss of $374,000 after paying approximately $5,000 in Contributions. The market also noted that some major currencies expect Bitcoin’s recovery to continue despite the recent weakness.
That optimism was also reflected in the general market.
The Long/Short peaked above 1 on the main exchange. Binance recorded a reading of 1.3, while OKX reached 1.4. The calculations resulted in the tallies being longer than the shorts on both platforms.
Are BTC sellers still limited?
Despite the strong increase, retailers continued to dominate several metrics.
The Derivatives Taker Buy Sell Ratio stayed below 1 for the second straight day.
At the time of publication, the metric stood near 0.88, indicating that selling is continuing to outpace buying.
Futures flows told a similar story. Over the past 24 hours, Futures Outflows reached $18.9 billion, compared to $18.7 billion in Futures Inflows. As a result, Futures Netflow fell by 146% to $233 million, reflecting continued sales.
This left traders looking to see if Spot’s demand could match the current market conditions.
Can Bitcoin break $64K?
Despite the derivatives’ weakness, Bitcoin and the broader system remained encouraging.
The Relative Strength Index (RSI) was held between 49 and 53, which means that buyers are slowly recovering. Meanwhile, the Stochastic Momentum Index (SMI) rose to 63, strengthening the trend.
Taken together, these indicators suggest that buyers still have an opportunity to earn another $64K. A confirmed breakout could pave the way to $65,800.
However, long-term transmission can be transmitted Bitcoin (BTC) back to the $62K support level.
Brief Summary
- Two Bitcoins opened a high price of $93.8 million despite repeated rejections at $64K.
- Long positions increased, but the results still show sellers are holding long positions.
