Bitcoin (BTC) fell toward $67,000 during the European session on Friday even as long-term buying picked up. Exchange withdrawals climbed to 16-month highs, indicating reduced “immediate selling pressure,” according to market data.
Key takeaways:
– Exchange withdrawals rose, removing BTC available for sale.
– Long-term holders added about 155,450 BTC over the past 30 days.
– Analysts see $65,000–$66,000 as a potential support zone for a bounce.
Supply tightens as long-term accumulation accelerates
CryptoQuant’s exchange flow data highlighted renewed signs of supply tightening as large Bitcoin withdrawals spread across major exchanges. Investors pulled nearly $1.6 billion of BTC from Bitfinex on March 16. That trend continued with a $678 million withdrawal from OKX on Sunday, $728 million from Kraken on Monday, and about $400 million leaving Binance on Wednesday.
CryptoQuant analyst Amr Taha said the pattern suggests the latest wave of withdrawals is no longer isolated to a single platform. The moves corroborate other data showing whales and large holders accumulating over recent months, a behavior that could set the stage for an eventual breakout from the current range.
Long-term holders (LTHs)—addresses that have held Bitcoin more than 155 days—have been net buyers since March 5. Over the past 30 days, LTH net position change shows about 155,450 BTC bought. In plain terms, holders are buying dips, including the most recent drop below $68,000.
When Bitcoin flows off exchanges while LTH balances rise, it typically signals lower immediate sell pressure and stronger conviction from investors with a longer time horizon, Taha noted. If this continues, market conditions could move toward tighter sell-side liquidity combined with stronger LTH demand, a more supportive backdrop for price.
Price outlook: possible revisit of $65,000 before a bounce
$70,000 remains a key level for bulls; losing it could trigger the next leg down. BTC/USD was trading below $67,000 at the time of reporting, under the 50-day simple moving average and the 200-week exponential moving average.
Bears may target the $65,000–$63,300 demand zone, with a deeper focus on the range low below $60,000 seen on Feb. 6. MN Capital founder Michael van de Poppe said the market lacks enough strength to move higher after a rejection at $75,000 and suggested the price could seek a higher low in the $65,000–$66,000 area. He added, “I would be looking at longs in the lower-$60K range.”
A Glassnode liquidity heatmap shows stronger whale bid orders near $65,000, implying a possible retest of that area before a rebound. Conversely, a break and close below the ascending trend line at $68,000 could send Bitcoin toward $60,000, where consolidation may occur.
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