Whale Selling Eases as Bitcoin Eyes Critical $59K Support

Bitcoin rose to an intraday peak of about $68,300 during early Asian trading as large-scale selling from whales cooled and derivative market selling relaxed, suggesting bearish positioning is moderating. Exchange and on-chain data point to reduced distribution pressure after a bout of heavy outflows earlier this year. Key takeaways include sharply lower large BTC deposits to Binance and a growing focus among analysts on the 200-week simple moving average near $59,430 as a crucial support level. CryptoQuant data show whale activity on exchanges has declined. In early February, whales deposited as much as 11,800 BTC to Binance in a single day, and by the end of that month the 30-day moving average of inflows to Binance had climbed to nearly 4,000 BTC per day, reflecting pronounced distribution from big holders. Since then inflows have cooled: the 30-day average to Binance is roughly 1,600 BTC per day, which CryptoQuant analyst Darkfost says could signal a short-term easing of sell pressure as large players adopt a wait-and-see stance. Glassnode metrics reinforce that dynamic, showing a large exchange net position change of minus 89,710 BTC on March 26, the biggest single spike since December 2024, and a 30-day change in supply held on exchanges of about minus 68,650 BTC—outflows that typically point to accumulation and reduced immediate sell-side availability. Perpetual cumulative volume delta (CVD) has also improved, rising 38.1% over the past week from minus $583 million to minus $361 million, which implies a diminution of sell-side pressure and a pickup in buyer participation even though net CVD remains negative. Despite these signs of stabilization, many analysts warn the downside is not guaranteed to be over and that Bitcoin may still be in the later phases of a bear cycle. Market participants have converged on the 200-week SMA, roughly $59,430, as Bitcoin’s last meaningful technical defense; holding above it has historically preceded major recoveries, while losing it could invite deeper declines. Crypto commentators note that the $59K area has confirmed prior bull cycles and that as long as Bitcoin remains above that trend line dips are considered buying opportunities. Others highlight that the $60,000–$62,000 range is the nearer support zone, and a decisive break below that area could expose a measured bear-flag target near $41,000. This report is for informational purposes only and is not investment advice. All trades carry risk; readers should do their own research before making decisions. The content follows Cointelegraph’s editorial policy and no guarantees are made regarding completeness or accuracy.