Bitcoin whales return, but Peter Brandt warns: reclaim $68K first
Veteran trader Peter Brandt says Bitcoin still fits classical charting patterns, but the latest weekly structure looks weaker. He flagged BTC trading near $65,261 and below the 18-week moving average around $71,253, with a break below a rising channel suggesting renewed downside pressure. The ADX near 28.27 points to a moderately strong trend, though direction remains mixed.
On-chain data from CryptoQuant adds a supportive counter-signal. Whale selling appears to have slowed sharply: CryptoQuant notes Inflow Coin Days Destroyed fell from 2.16M to ~33K, and more than 11,400 BTC (about $700M) moved from exchanges to private wallets recently. Brandt’s view implies traders should stay cautious until Bitcoin can reclaim and hold above the next resistance.
Near-term, Bitcoin’s rebound is facing resistance around $68,000. Traders are watching for stronger volume above $68,000 to confirm demand. If that fails, price action could refocus on the prior $60,000 area lows. Meanwhile, ETF outflows and broader market caution remain potential headwinds for BTC.
Neutral
This news is best read as neutral for trading because it contains two offsetting signals. On the bearish side, Peter Brandt highlights Bitcoin’s technical weakness: BTC below the 18-week moving average (~$71,253) and a breakdown of a prior rising channel, which historically tends to keep sellers in control until a clear reclaim occurs. On the bullish side, CryptoQuant’s whale-related metrics point to reduced selling pressure (exchange-to-wallet movement of >11,400 BTC and a sharp drop in Inflow Coin Days Destroyed), which often precedes stabilization or rebounds.
For short-term trading, the key trigger is whether Bitcoin can reclaim ~$68,000 with stronger volume. Similar past patterns occur when on-chain “distribution” slows while price is still under key moving averages—markets frequently chop first, then decide once volume confirms. If $68,000 fails, traders may pivot back toward the $60,000 zone; if it succeeds, the whale accumulation signal could help sustain a higher move.
In the long term, a renewed reduction in whale selling can be supportive, but Brandt’s broader warning implies traders should not assume an immediate trend reversal without structural confirmation above resistance and moving averages.