Bitcoin whales send 49,000 BTC to exchanges as $60K rebound shows signs of weakness
Bitcoin has rebounded above $60,000 after briefly falling below $58,000, but the recovery looks fragile. On June 30, about 49,000 BTC flowed to exchanges, one of the largest daily inflows this year, and the average deposit size doubled to about 2 BTC, indicating whale or institutional activity rather than retail transfers. That raises the risk of added sell pressure if sentiment weakens. Technically, Bitcoin broke below the neckline of a head-and-shoulders pattern, leaving the bearish setup intact unless a sustained rally invalidates it. Traders are watching $65,000 as major resistance, where exchange balances could be sold into strength. Derivatives data also points to a short squeeze rather than durable bullish momentum: net taker volume turned positive during the rebound, but open interest fell sharply, suggesting shorts were covering as price rose. Weak stablecoin liquidity adds pressure, with limited new dollar capital entering the market. Bitcoin likely needs stronger spot demand to hold above $60,000 and avoid another downside move.
