Two newly created wallets recently withdrew 984 bitcoins from the custody platform BitGo, worth approximately $72 million according to the article. This large outflow reduced the visible supply on the platform and has once again drawn market attention to whether whales are continuing to accumulate at current prices.
Spot buying is still underway.
The article notes that the Spot Taker CVD in the spot market continues to show buyer dominance, meaning that there are more buy orders than sell orders. Although prices have fallen, buying pressure has not significantly subsided.
This type of behavior typically indicates that the liquidity released by sellers is being absorbed by the market. Combined with the actions of whales transferring Bitcoin out of the market, the short-term market is characterized by weakening prices but still having demand.
The area around $73,000 has become a key level.
As of press time, BTC was trading at approximately $72,908, having briefly dipped below the $73,000 support level. However, the article argues that the larger upward channel remains intact, with the price still near the lower edge of the channel that has existed since February.
The Relative Strength Index (RSI) has fallen to 34.32, approaching oversold territory. This typically indicates some easing of short-term selling pressure. If buyers continue to hold the lower channel line, the price could first return to the $73,800 level before testing higher ranges.
Liquidity is more concentrated between $74,500 and $75,000.
The liquidation distribution shows that the area around $72,800 to $73,000 is the most recent area of high liquidity, and prices have moved toward this area during the recent pullback.
The $74,500 to $75,000 range above has seen a concentration of liquidation positions. This area could become a key battleground for prices if bulls regain short-term momentum. Further upside liquidity is also present around $76,000.
Overall, the outflow of large whales, the dominance of active buying in the spot market, and the RSI approaching oversold levels all indicate that Bitcoin still has support in the current range. Going forward, the market will first focus on whether the support around $73,000 can hold, and whether the $74,500 to $75,000 area above will be retested.
