Bitcoin (BTC)’s recent recovery from around $58,000 to around $64,700 is starting to lose steam as bears return to the market. This retracement returned the profits to traders that they had made during the downturn, which encouraged profit taking.
When the price approached the resistance of $64,971, the bulls lost strength as profit taking gradually increased. The resistance pushed Bitcoin back to $62,800, confirming that sellers remain active near higher levels.
Meanwhile, at press time, the RSI dipped below 40, indicating a short-term bullish trend rather than panic selling. Despite this, buyers continue to protect the support of $ 57,723, protecting the main damage at this time.
This weakness appears to be better rest after recovery, not a change in mood. Unless treatment has failed severely, Bitcoin is The extended recovery structure remains stable despite the recent pullback.
Distribution accelerates after Bitcoin recovery
Profit taking is evident among Bitcoin holders in the middle. After BTC returned to $64,700, wallets with 100-1,000 BTC switched from accumulation to distribution, selling about 67,000 BTC on the 13th of July.
This marked their biggest distribution since February and a big change from the 92,000 BTC they collected on the 25th of April. However, the exchange rate was a failure. Binance received about 2,800 BTC, while Coinbase Prime saw about 1,690 BTC, both below recent peaks.
Such differences show that many are taking profits without rushing to unload their entire positions. Rather than indicating a major panic, recent developments confirm that Bitcoin’s recovery is a profit-taking phase after a recent recovery.
The exchange rate shows a normal distribution
The same profit-taking becomes more apparent when more exchange activities are considered. While Bitcoin trades in the $60,000-$64,000 range, the exchange has seen little to no fear-driven action. This suggests that owners can distribute their assets selectively rather than rush to exit.
The Coinbase Premium Index it has also shown a reversal from the sharp declines of the past few weeks. However, since early May, it has remained in negative territory. This shows that corporate demand is slowly stabilizing but has not regained purchasing power.
Therefore, by avoiding the ban on the exchange rate and the correction of the Premium Index, it seems that the recent correction indicates a systematic correction rather than the beginning of a major market disturbance.
Brief Summary
- Bitcoin continued to show systematic profit taking rather than panic selling.
- BTC maintained its recovery plan as the exchange slowed.
