Rich by Coin

Bitcoin saw instant sell-side pressure at Sunday’s weekly close, driving the price below $65,000 before a modest recovery. Bitcoin price behavior continues to copy the 2022 bear market, as viewed through on-chain data. Bitcoin whales dominate exchange inflows, leading to expectations of a $60,000 rematch. CryptoQuant’s Exchange Whale Ratio has approached 70%, a level historically associated with rising selling pressure.

Old coins are returning to platforms in large volume while short-term holders realize losses, creating a hybrid supply that tends to push Bitcoin lower. Analysts warn of an imminent move toward BTC’s immediate support in the $60,000 region. The naked point-of-control (nPOC) sits at $64,979, with some charts eyeing a rebound as high as $78,200. Other traders flagged a possible upside toward $76,000 before another dip.

Market sentiment remains bleak, with the Crypto Fear & Greed Index at 5, signaling extreme fear. Observers note that sentiment has lingered in this zone longer than at any point since the 2022 bear market. Cross-crypto liquidations have stayed elevated, totaling around $500 million in the 24 hours examined. Taken together, the combination of bearish on-chain signals and rising supply points to continued headwinds for Bitcoin in the near term, with any rally likely contingent on a shift in demand.

Bitcoin faced immediate selling pressure at Sunday’s weekly close, slipping below $65,000 before a modest bounce. The price action continues to mirror the 2022 bear market when viewed through on-chain data. Whales have dominated exchange inflows, with CryptoQuant’s Exchange Whale Ratio approaching 70%, a level historically associated with rising selling pressure. Old coins are returning to exchanges in large volume while short-term holders realize losses, creating a hybrid supply that tends to push Bitcoin lower.

Analysts see the next major support near $60,000, with the naked point-of-control at $64,979. Some charts eye a rebound as high as $78,200, while others flag a possible upside toward $76,000 before another dip. Market sentiment remains bleak, with the Crypto Fear & Greed Index at 5, signaling extreme fear. Cross-crypto liquidations have stayed elevated, totaling around $500 million in the 24 hours examined, underscoring headwinds for Bitcoin in the near term and noting that any rally will likely require a shift in demand.