The The price of Bitcoin it is trading at about $63,988 at the time of writing, about 0.6% in the last 24 hours. However, despite the steady recovery, bulls have been struggling to keep up, with the price moving slowly within a narrow upward path after the recent sell-off.
Although buyers continue to defend against a major downturn, on-chain data shows that sales are slowing and whale activity remains stable. The important question now is whether these factors can lead to $66,000 in the next 48 hours or whether Bitcoin will lose strength again near resistance.
Netflow Exchange Shows Trading Pressure Is Easing
One of the best things about Bitcoin comes from the latest Exchange Netflow data. The chart shows a constant upward trend, meaning that more BTC is leaving the exchange than joining it. Since coins often go to markets before they are sold, the constant outflows indicate that investors are choosing to hold rather than liquidate their positions.
A recent reading of around -3.6K BTC suggests that exchange reserves are continuing to decline, reducing the immediate pressure to sell. Historically, long periods of negative netflow have often been useful in retrieving prices as supply on exchanges decreases.
Whale Actions Remain Stable
The Exchange Whale Ratio also provides an incentive for bulls. The metric is currently sitting around 0.56, staying below the spikes seen earlier this year when large owners moved Bitcoin to exchanges.
In fact, the number has been steadily increasing, indicating that the whales are not showing signs of widespread expansion. The absence of large whale deposits reduces the risk of sudden large sales and helps to try to recover.
Bitcoin Price Analysis: Bulls Trying to Explode
The daily chart shows Bitcoin trading in a slightly uptrend after rebounding from recent lows near $61,000-$62,000. Recent candlesticks are pushing the top of this pattern, which means that buyers are regaining control.
Momentum indicators are also improving. The RSI has rebounded from the oversold area and has begun to increase, indicating that bearish momentum is ending as buying interest slowly returns. At the moment, the MACD histogram continues to contract, indicating that the downward trend is slowing even though the confirmation of the strong trend has not yet occurred.
The same resistance remains around $66,000, which represents the bull’s first challenge. A definite break above this level could open the door to a major resistance area near $73,200. On the other hand, discarding the current option may weaken the recovery sentiment and return interest to the $52,400 support area.
Will Bitcoin (BTC) Price Reach $66,000?
The latest configuration provides the perfect combination of control technology and supply chain knowledge. Foreign exchange continues to ease the pressure to sell, while whale activity remains subdued rather than showing significant distribution. At the same time, Bitcoin is trying to break out of the short-term bullish trend and the signals are gradually deteriorating.
If buyers can advance this, $66,000 becomes the next target rather than the ambition. However, failure to maintain the current order could turn the recovery into another consolidation phase before Bitcoin attempts its next big move.
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