Bitcoin Holds $60,000 as Whale Selling Clashes With Retail Buying, Trend Momentum Stays Negative

Bitcoin rebounded from a drop to $59.1k and climbed to a local high of $64k, with $BTC trading at $63,058 after a 2.03% gain over the past 24 hours. Trading volume rose 40% to $36 billion during the same period, according to market data. The recovery followed a defense of the $60,000 level, even as broader market conditions remained volatile.

Whale activity intensified as the price hovered near $60k, with the Exchange Whale Ratio climbing to a two-week high of 0.6, indicating that large holders accounted for a growing share of exchange deposits. On-chain tracker Lookonchain reported that one Bitcoin whale purchased 1,656 BTC worth $98.93 million at an average price of $59,734. After the purchase eased selling pressure and allowed $BTC to reclaim $60k, the whale transferred the holdings to Binance as the price recovered toward $64k, locking in roughly $3.5 million in gains within two days.

Despite the price recovery, downside momentum remained intact. Bitcoin's Trend Momentum has stayed negative for three consecutive weeks, and on June 8 the metric fell deeper into negative territory, reaching -20. Persistent selling from whales has continued to reinforce that trend, with the negative reading signaling that sellers have held control of the market and raising the likelihood of trend continuation.

At the same time, smaller-scale traders appeared to be buying the dip. The Exchange NetFlow has remained negative for the past four days, a pattern that indicates active buying across the market. If retail buyers continue to absorb pressure from whale selling, the data suggests $BTC could reclaim $65k and target $70k in the short to medium term, though a further pullback toward $60k remains possible if large holders keep exiting.