Bitcoin Price Rebounds as Whale Selling Slows, $68K Resistance Comes Into Focus

TLDR:

• Bitcoin climbed above $67,000 after gaining nearly 5% in 24 hours amid stronger market demand.
• CryptoQuant data showed whale selling slowed while exchange Bitcoin reserves continued falling.
• Strategy filed a new SEC Form 8-K, keeping focus on its long-term Bitcoin treasury strategy.
• Technical levels near $60,800 and $64,800 remain closely watched by active BTC traders.

Bitcoin began the new week with a massive surge upwards, after making a firm recovery from important technical levels and moving up from recent tops. 

The new development coincides with on-chain data that suggests whale selling activity is slowing down. Now, market participants are keen to see if Bitcoin can maintain its recent gains and attempt to break above the higher resistance levels. 

Bitcoin Price Gains Momentum as Whale Supply Trend Reverses

Bitcoin traded at $67,202 on Monday, according to market data from CoinMarketCap. The asset gained 4.9% over the previous 24 hours and reached the upper end of its daily range.

The move followed fresh data shared by CryptoQuant. The platform reported that large holders completed a major phase of distribution and shifted away from aggressive selling.

The $60,000 to $61,500 price range has become a major support on CryptoQuant as big whales have been making significant buys.

Whale buying activity has created the $60,000 to $61,500 price range as a great support according to CryptoQuant. The firm also observed shrinking the exchange reserves which generally indicates lower selling pressure in the near term.

The biggest trading volume for the day during the latest advance was over $34.5 billion. The rebound came on the heels of some price chopping over the past few weeks. 

BTC had been making a range-bound move earlier this week before finding some fresh steam as it neared the weak side of the charts during the first week of the new month.

According to CoinMarketCap, Bitcoin’s monthly growth was 13.8%, and its annual growth was higher than 36%. It followed a surge in crypto market buying activity. 

Bitcoin Price Faces Key Resistance Between $66K and $68.5K

Technical levels remain in focus as traders assess the strength of the latest rally. Lennaert Snyder highlighted that Bitcoin immediately broke both the previous weekly high and the previous daily high.

According to Snyder, that breakout increased the probability of Bitcoin holding the weekly support level near $60,800. He also identified the $62,000 area as a favorable risk-to-reward zone for potential long positions.

The analyst noted that internal liquidity had accumulated beneath current prices. That liquidity sits near the $62,000 region and remains an important level on lower time frames.

Another area attracting attention is $64,800. Snyder pointed to a four-hour imbalance and daily imbalance around that level, describing it as important for maintaining the current uptrend structure.

While support levels have strengthened, resistance remains close overhead. Snyder identified the $66,000 to $68,500 range as a higher-timeframe sell zone that could attract increased market activity if Bitcoin continues climbing.

Bitcoin’s latest rebound places that resistance region directly in focus. Whether buyers can absorb supply there may determine the next phase of price action.

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