the Bitcoin price It is trading at about $63,988 at the time of writing, up about 0.6% in the past 24 hours. However, despite the steady recovery, the bulls have struggled to sustain the rally, with the price only gradually advancing within a narrow upward channel following the recent sell-off.
While buyers continue to defend higher lows, on-chain data suggests selling pressure has subsided and whale activity remains relatively stable. The key question now is whether these improving conditions can fuel a breakout towards $66,000 in the next 48 hours or whether Bitcoin will lose momentum again near resistance.
Exchange Netflow shows that selling pressure is easing
One of Bitcoin’s biggest positives comes from the latest Exchange Netflow data. The chart shows persistent negative net flows, meaning that there are more Bitcoins leaving exchanges than entering them. Since coins typically move to exchanges before being sold, continuous outflows indicate that investors are choosing to hold their positions rather than liquidate them.
The latest reading of approximately -3.6K BTC indicates that exchange reserves continue to decline, reducing immediate sell-side pressure. Historically, long periods of negative net flow have often provided a supportive backdrop for price recoveries as available supply on exchanges shrinks.
Whale activity remains relatively stable
The whale ratio in the stock market also provides reassurance to bulls. The measure currently sits around 0.56, which remains well below the extreme highs seen earlier this year when major holders aggressively moved Bitcoin onto exchanges.
Instead, the ratio has been moving within a relatively stable range, indicating that the whales are not showing signs of widespread distribution. The lack of large whale deposits reduces the risk of a widespread sell-off and supports the ongoing recovery attempt.
Bitcoin Price Analysis: Bulls Trying to Breakout
The daily chart shows Bitcoin trading within a short-term bullish channel after bouncing from recent lows near $61,000-$62,000. The recent candles are pressing the upper border of this formation, indicating that buyers are gradually regaining control.
Momentum indicators are also improving. The RSI has rebounded from the oversold zone and is starting to turn higher, indicating that the bearish momentum is fading while buying interest is slowly returning. Meanwhile, the MACD histogram continues to contract, indicating that the bearish momentum is weakening even though a confirmed bullish crossover has not yet occurred.
Immediate resistance remains at $66,000, which represents the first major hurdle for the bulls. A decisive break above this level could open the door for a move towards the broader resistance area near $73,200. On the downside, missing the current channel would weaken the recovery thesis and shift attention back towards the $52,400 support area.
Will Bitcoin (BTC) price reach $66,000?
The current setup offers a constructive combination of improving technologies and supporting on-chain data. Exchange outflows continue to reduce spot selling pressures, while whale activity remains relatively contained rather than indicating a dense distribution. At the same time, Bitcoin is trying to break higher from the short-term ascending channel with momentum indicators gradually improving.
If buyers can sustain this breakout, $66,000 would be the next logical target rather than an ambitious one. However, failure to maintain the current structure will likely shift the recovery into another consolidation phase before Bitcoin attempts its next major move.
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