Bitcoin Whale Selling Eases as Focus Shifts to $60K Support

• Whale selling pressure has significantly subsided as exchange inflows reach much lower levels compared to earlier this year.
• The 200-week simple moving average (SMA) at $59,430 is identified as the critical support level for the current market cycle.
• On-chain data indicates a strong shift toward accumulation, with nearly 90,000 BTC leaving exchange wallets in a single day in late March.

Shift in Whale Activity

Bitcoin reached an intraday peak of $68,300 during Tuesday's early trading hours, supported by a noticeable reduction in selling from large-scale holders. According to CryptoQuant analyst Darkfost, the heavy distribution phase seen in February has cooled down. During that period, daily whale deposits to Binance reached as high as 11,800 BTC, pushing the 30-day moving average to nearly 4,000 BTC. Currently, that average has stabilized at approximately 1,600 BTC per day, suggesting that the most aggressive selling has passed.

On-Chain Accumulation Trends

Data from Glassnode reinforces the narrative of a cooling sell-side. On March 26, the net position of Bitcoin on exchanges dropped by 89,710 BTC, marking the most significant spike in outflows since December 2024. This trend of removing assets from exchanges typically points to long-term accumulation by "sharks" and "whales." Furthermore, the perpetual cumulative volume delta (CVD) has seen a 38.1% improvement, rising from -$583 million to -$361 million over the last week, which signals a weakening of bearish momentum in the derivatives market.

Critical Support Levels to Watch

Despite the reduction in selling, market analysts warn that the downside risk remains present. The focus is now on the 200-week SMA at $59,430. Analysts including Anup Dhungana and Crypto Patel emphasize that this level acts as the final line of defense. Historically, holding this support has led to major price recoveries, as seen in 2018 and 2020.

• The current support zone is established between $60,000 and $62,000.
• A failure to maintain the $59,000 level could trigger a deeper correction.
• The measured technical target for a bear flag breakdown sits at $41,000 if primary supports fail.