Bitcoin price holds $62k as OG selling hits two-year low
Bitcoin (BTC) is trading near $62,600 and holding the $60,000 area, supported by a slowdown in selling from long-term holders. CryptoQuant data cited by analysts says the 90-day average BTC spent by “OG” investors has fallen to 962 (lowest since Nov 2024), easing one key supply pressure source.
However, traders still face a technical test. On-chain volume shows 1.3M+ BTC changing hands between $60,000 and $63,000—the largest volume cluster. Analyst Ali Martinez flags $60,587 as immediate support; a break below could open a move toward $46,702 and then $37,867. The article also notes BTC earlier weakness tied to a bearish head-and-shoulders setup and warns that losing $60,000–$60,600 may expose a deeper decline.
Exchange flow signals remain mixed. CryptoQuant’s Darkfost reports rising BTC inflows to Binance after BTC dipped below $60,000, with average monthly inflows doubling (about 479M USD worth of possible sell pressure at ~$63,000). Spot Bitcoin ETF outflows have slowed, but the market still needs daily closes back above the range (around $63,000) for stronger confidence.
Overall, BTC shows reduced long-term holder selling, but exchange inflows and the still-fragile chart structure keep momentum uncertain.
Neutral
The news is broadly neutral for BTC traders because it contains offsetting signals.
On the bullish side, CryptoQuant’s report that OG investors’ BTC selling has dropped to a two-year low suggests a key supply overhang near the current range may be easing. In prior sell-pressure-relief cycles, when long-term holder movement cools, downside momentum often slows and buyers get more time to defend major support zones.
On the bearish side, the article stresses BTC still needs technical confirmation. The $60,587–$60,000 area is framed as the immediate “battleground.” Historical bear-market behavior described in the piece—where exchange inflows rise during fear-based dips—adds risk even if long-term selling fades. Binance inflows (possible sell-side pressure on exchange) can quickly counteract any support from reduced OG selling.
Short term: traders should focus on whether BTC holds the $60,000–$63,000 volume cluster and whether daily closes can reclaim above ~$63,000. Failure to hold support keeps the door open for a larger move toward $46,702 and below.
Long term: if ETF outflows continue to stabilize while OG selling remains subdued, that would be a constructive backdrop. But as long as BTC’s chart still requires a range breakout, the setup remains more “wait for confirmation” than “clear trend reversal.”