Bitcoin Bounced Back to $64K — But Big Holders May Still Be Cashing Out

If you’ve checked your portfolio recently and seen Bitcoin creeping back up toward $64,000, you’re not imagining a recovery. But according to analysis from CryptoPotato, this bounce looks more like a pause in a downtrend than the start of a fresh rally — and data on what big holders are doing suggests you shouldn’t get too comfortable just yet.

What actually happened to the price

Bitcoin recently dropped toward the $60,000 area, found buyers there, and has since climbed back to around $64,000, CryptoPotato reports. On shorter timeframes, momentum indicators have improved — a sign that the aggressive selling of the past few weeks has slowed down, at least for now.

But zoom out to the daily chart and the picture is less encouraging. Bitcoin is still trading below both its 100-day and 200-day moving averages, which currently sit around $72,000 and are pointing downward. In plain terms: the “average” price over the last few months is still higher than where BTC trades today, and that average is falling — a classic signal that the bigger trend remains bearish, even if the short-term mood has brightened.

The levels that matter for your holdings

For anyone holding BTC, a few price zones are worth knowing. On the way up, $72,000 is described as the first real hurdle, with a much tougher resistance band between $88,000 and $90,000. CryptoPotato notes that the broader bearish structure wouldn’t really be broken until Bitcoin clears roughly $98,000 — so a bounce to $64,000 or even $72,000 doesn’t undo the recent downtrend on its own.

On the downside, the $60,000 zone is the line in the sand. If that support fails, the analysis points to $55,000 as the next area where buyers might step back in. In other words, this rebound needs to hold above $60,000 to keep the “stabilizing” story intact.

On shorter, four-hour charts, Bitcoin has been moving inside a descending channel for several weeks and is now testing resistance between $64,000 and $66,000. A clean break above $66,000 with solid trading volume would open the door toward $72,000–$74,000, according to the analysis. A rejection at that band, on the other hand, could send price back down toward $60,000 support.

Why whale behavior is the bigger warning sign

Here’s the part that matters most for everyday holders: on-chain data cited by CryptoPotato shows the Exchange Whale Ratio — a measure of how much of the money flowing into exchanges comes from large, whale-sized wallets — remains elevated even with Bitcoin trading near multi-year lows for this cycle. A high reading like this typically means big holders are still sending coins to exchanges, often to sell or take profit, rather than accumulating.

That matters because it suggests any rally toward resistance levels like $72,000 could keep running into selling pressure from large players, unless that whale metric starts trending lower alongside an improving price trend. For smaller holders, this is a reminder that a green candle on your app doesn’t automatically mean the big money agrees the bottom is in.

The bottom line for your wallet

None of this means Bitcoin can’t keep climbing — short-term momentum has genuinely improved, and a break above $66,000 would be a meaningfully positive sign. But the combination of a still-bearish longer-term trend, tough resistance levels overhead, and whales that may still be distributing coins is a good reason to treat this bounce as a “wait and see” moment rather than an all-clear. As always, this is market analysis, not financial advice — and crypto’s swings can move fast in either direction.