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Continue to note that the price of Bitcoin is under pressure, extending its recent decline without a confirmed reversal. BTC is trading near $66,996 at press time, reflecting the prevailing mood of caution in the cryptocurrency market.
The growing uncertainty has pushed many investors to sell, while a major sector is actively trying to stabilize the price action.
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Bitcoin holders are at a loss
The Spending Profitability Ratio, or SOPR, indicator shows growing skepticism among Bitcoin investors. SOPr measures the ratio between the USD value of the sold coins and their original purchase price. When the index remains above 1, investors sell at a profit.
Notice recently that SOPR has tended towards or below 1. Readings below 1 indicate that investors are selling at a loss. This behavior often reflects surrender out of fear rather than planned distribution.
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History has shown that long periods of the SOPR indicator below 1 coincide with local lows. The process of getting losses can indicate the exhaustion of weak forces. But the continued negative readings also underscore the fragility of sentiment and low near-term conviction in Bitcoin’s price recovery.
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Whales arrive to save Bitcoin
As small investors sell, Bitcoin whales recycle capital into BTC. Addresses holding between 10,000 and 100,000 BTC have accumulated more than 70,000 BTC since the beginning of the month. This backlog equates to about $4.6 billion at current prices.
This large-scale purchase contributes to structural support. Demand for whales appears to offset some of the panic selling. Without this absorption, the price of Bitcoin could have experienced further downward acceleration during the recent volatility.
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The whale streams from the trading platforms provided further insights into the overall positioning. This indicator measures the proportion of trade balances that move daily to large entities. Since he came down Bitcoin Don $80,000, the 30-day simple moving average rose 3.2%.
This pattern is similar to the structure seen in the first half of 2022. During that period, whales have accumulated their assets in waves before the next bull market. Continued drawdowns indicate long-term positioning rather than short-term speculation.
Guide the historical parallelism to be careful. In 2022, the stabilization of prices continued for several months before the recovery phase. The accumulation of whales does not guarantee an immediate positive moment. Broader macro conditions and liquidity cycles continue to influence Bitcoin’s trajectory.
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Bitcoin price finds support
Bitcoin price is trading at $66,996, holding slightly above the $66,749 support. The recent rejection near $70,610 reflects the psychological resistance associated with profit. Sellers appear active near that zone, limiting bullish continuation attempts.
In the short term, it should defense btc $65,000 with consolidation under $70,610. Sustained stability can create momentum for a price breakout. Confirming the recovery requires recovering $78,656 as a support level.
If the stocking of whales slows down, the risk of strandings may increase. Losing the current support could push Bitcoin towards $63,185. A deep decline towards $60,000 would support the broader corrective scenario and invalidate the bullish trend hypothesis.
