The Bitcoin price is showing signs of renewed selling pressure after struggling to break above the $65,000 level. BTC is currently trading near $64,200, while a mix of on-chain and institutional data points to weakening demand and rising sell-side pressure.
Exchange balances have climbed, miner reserves continue to decline, and Bitcoin ETF flows have turned negative. At the same time, the Coinbase Premium remains below zero, suggesting weaker buying interest from U.S. investors. With these signals weighing on sentiment, can Bitcoin defend its current support, or is another leg lower on the cards?
Six Factors Pointing to Rising Selling Pressure
Bitcoin is facing renewed selling pressure, and analyst Ali has highlighted several on-chain and institutional indicators that point to weakening demand and increasing supply. The charts shared by Ali on X show six notable developments:
- Heavy supply near $61,000–$64,000: A large concentration of BTC supply sits around this range, creating potential overhead selling pressure.
- Exchange balances are rising: BTC held on exchanges has climbed to around 2.737 million BTC, increasing the amount of supply potentially available for selling.
- Miner reserves are declining: Miner holdings have fallen toward 1.916 million BTC, pointing to continued distribution.
- Strategy holdings have decreased: Strategy’s BTC holdings have declined from roughly 844K to 840K BTC, adding to the broader supply pressure.
- ETF flows have turned negative: Bitcoin ETF flows shifted from +12.1K BTC to -6.19K BTC, signaling weaker institutional demand.
- Coinbase Premium remains negative: The negative premium points to weaker buying pressure on Coinbase and softer demand from U.S. investors.
Together, these indicators suggest that Bitcoin is dealing with both increasing potential supply and weakening demand, making the current price structure particularly important to watch.
Bitcoin Struggles to Reclaim Key Resistance as Selling Pressure Builds
Bitcoin remains under pressure after failing to sustain its move toward the $66,000–$66,800 resistance zone. On the daily chart, BTC is still trading within a broad range, with repeated rejections from the upper boundary keeping the structure cautious.
The recent pullback has brought the price back toward the $62,000–$64,000 area, which is an important zone given the supply concentration visible on the chart. Momentum also appears mixed, with CVD failing to establish a sustained buying trend, while Open Interest remains relatively elevated. This suggests that despite attempts by buyers to recover, the market has yet to see strong enough demand to support a breakout.
A sustained move above $66,800 would improve the structure and could open the way toward $68,000–$70,000. Conversely, a break below $62,000 would weaken the range structure and increase the risk of a move toward $60,000.
