Bitcoin Tests $66,000 Hurdle as Exchange Selling Pressure Cools

Bitcoin is extending its rebound around $64,000, though price action remains restrained, CoinDesk reported. Onchain indicators cited in the report point to softer selling pressure on exchanges and steady whale behavior, shifting near-term focus to resistance at $66,000. Exchange flow data suggests fewer coins are moving onto trading venues, a pattern typically associated with a smaller pool of bitcoin readily available for immediate selling. Over the past day, gains have stayed limited and confined to a tight range. While intraday lows have been edging higher, buyers have yet to deliver a decisive breakout, leaving the market in a continued consolidation and test phase. Whale-related metrics also show little sign of distribution accelerating. External onchain sources put the exchange whale ratio near 0.56, still below the elevated readings seen earlier this year. The measure is widely watched for clues on whether large holders are concentrating transfers to exchanges. Its stability indicates whales have not moved into broad, concentrated selling, which reduces the risk of abrupt, large-scale supply hitting the market and keeps room open for a rebound. Technically, the report noted the RSI has climbed back from oversold levels, signaling fading downside momentum, while the MACD histogram has continued to contract, consistent with easing bearish pressure. A clear reversal signal has yet to fully materialize. Against this backdrop, $66,000 is viewed as the first key level bulls need to clear. A sustained hold above that area could open the door to the next major resistance zone around $73,200. If the current rising channel fails, attention could shift back to support near $52,400. Overall, the report's view is that reduced onchain sell pressure and steady whale activity have improved conditions for a short-term recovery, but a stronger uptrend still hinges on breaking and holding above $66,000.