Bitcoin slipped toward $67,000 during Friday’s European session even as longer-term accumulation picked up, according to market data. Exchange outflows hit a 16-month high, a sign that immediate selling pressure has eased as more BTC moved off trading platforms.
Key points
– Large exchange withdrawals removed significant BTC supply available for sale.
– Long-term holders added roughly 155,450 BTC over the past 30 days.
– Analysts identify $65,000–$66,000 as a likely support area for a bounce.
Supply tightens amid accelerating long-term accumulation
CryptoQuant’s exchange flow metrics showed widespread withdrawals from major exchanges, suggesting a tightening of available supply. Investors removed nearly $1.6 billion worth of BTC from Bitfinex on March 16, followed by $678 million from OKX on Sunday, $728 million from Kraken on Monday, and about $400 million from Binance on Wednesday.
CryptoQuant analyst Amr Taha said the withdrawals are no longer localized to a single exchange and align with other signals showing whales and large holders accumulating over recent months. That accumulation could help set the stage for a breakout once selling pressure diminishes.
Long-term holders (addresses holding BTC more than 155 days) have been net buyers since March 5. Over the last 30 days their net position change indicates an addition of approximately 155,450 BTC. In practice, this means long-term investors have been buying dips, including the recent move below $68,000.
When Bitcoin is pulled off exchanges while long-term holder balances rise, it typically reduces immediate sell-side liquidity and reflects stronger conviction from investors with a longer horizon, Taha noted. Continued activity of this kind would create a backdrop of tighter sell-side liquidity alongside steady LTH demand, which is generally more supportive for price.
Price outlook: possible revisit of $65,000 before recovery
The $70,000 level remains a key line for bulls; losing it could prompt further downside. At the time of reporting BTC/USD was trading below $67,000 and sat under both the 50-day simple moving average and the 200-week exponential moving average.
Bears may target the $65,000–$63,300 demand zone, with the February 6 low below $60,000 as a deeper area of interest. MN Capital founder Michael van de Poppe observed the market lacked sufficient momentum after a rejection at $75,000 and suggested price could seek a higher low in the $65,000–$66,000 area, adding that he would consider long positions in the lower $60K range.
A Glassnode liquidity heatmap shows stronger whale bid interest around $65,000, implying a potential retest of that zone before a rebound. Conversely, a decisive break and close beneath the ascending trendline near $68,000 could accelerate the move toward $60,000, where consolidation might occur.
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