Bitcoin price stabilized near $62,600 on June 24, as on-chain data revealed a significant reduction in selling pressure from long-term holders. According to CryptoQuant analyst Darkfost, the 90-day average of BTC moved by wallets holding for over five years dropped to 962 BTC – the lowest since November 2024. This marks a sharp slowdown from peaks in 2024 and 2025, when single-day movements exceeded 142,000 BTC. The cooling of OG distribution removes a major supply overhang that had previously weighed on prices.
However, the market remains fragile. Binance alone recorded a doubling of average monthly BTC inflows to 7,600 BTC since mid-April, equating to roughly $479 million in potential sell-side pressure at current prices. This panic-driven exchange activity tends to spike when Bitcoin breaks below key levels, and the $60,000 zone has become a genuine battleground. Spot ETF outflows have also slowed, offering some respite after weeks of institutional demand weakness.
Technical analysis underscores the precarious position. On-chain volume clusters show over 1.3 million BTC were transacted between $60,000 and $63,000, making it the largest support block. Analyst Ali Martinez warns that a break below $60,587 could open a path toward $46,702, while a previously identified bearish head-and-shoulders pattern adds to the downside risk. The Cumulative Volume Delta (CVD) indicator and volume heatmap from the BTC/USDT spot market further illustrate the tension: a rising brown CVD line suggests institutional accumulation, but divergence with smaller retail orders often signals indecision or potential reversal. Bitcoin’s short-term fate hinges on whether bulls can defend the $60,000–$63,000 range, with a clean break lower likely triggering a deeper correction.
