Bitcoin is struggling to regain the $69,000 level as ongoing selling pressure continues to dominate the near-term market structure. After multiple failed attempts to achieve acceptance above this key psychological threshold, price action reflects a defensive environment characterized by reduced risk appetite and increased volatility. Traders remain cautious as liquidity conditions tighten and momentum favors sellers over sustained accumulation.
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New on-chain data shared by analyst Maarunn adds a new layer to the current landscape. According to his insights, Bitcoin whales are firmly dominating the market structure at this stage of the cycle. Approximately $8.24 billion worth of whale BTC has flowed into Binance in the past 30 days alone, marking the highest level of large investor inflows into the exchange in the past 14 months. Such a concentration of activity suggests that key participants are actively repositioning themselves.
The data also underlines Binance’s continued role as the premier liquidity platform for large-scale transactions. When whale flows accelerate towards exchanges of this size, it often signals increased strategic activity – whether distribution, hedging or tactical allocation. As Bitcoin consolidates below resistance, the behavior of these dominant market participants could play a decisive role in shaping the next change in direction.
Whales’ dominance is increasing as retail momentum wanes
Maartunn has further detailed the 30-day flow breakdown, providing a clearer picture display of how market participation is developing. Over the past month, whale inflows to Binance have reached $8.24 billion and the trend continues to rise. By comparison, retail inflows total about $11.91 billion, but are starting to level off. As a result, the retail to whale ratio currently stands at 1.45 and is steadily shrinking.
While retail participation remains visible, momentum is cooling. The pace of smaller deposits has slowed, indicating declining conviction or reduced speculative activity among short-term traders. In contrast, whale deposits have increased consistently over the same period, indicating that larger entities are either actively positioning capital or reallocating it with greater urgency.
This dynamic reduces the gap between large and small participants in the fair. When whale flows accelerate while retail flows stagnate, the market structure tends to become top-heavy, with prices increasingly influenced by institutional-scale actors rather than fragmented retail activity.
The main conclusion is clear: large players are becoming more dominant on Binance, while smaller participants are gradually losing their relative influence. In the current environment, Bitcoin’s next price move could depend more heavily on whale strategy than on retail sentiment.
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Bitcoin Tests Crucial Support as Downtrend Accelerates
Bitcoin’s three-day chart reflects a decisive momentum loss after the rejection near the $120,000 region in late 2025. Since that peak, the price structure has transitioned into a clear corrective phase characterized by lower highs and increasing downward pressure. The most recent lower part shows a sharp breakdown from the $90,000-$95,000 consolidation zone, with BTC now hovering around $68,000.
Technically, Bitcoin is trading below the short-term moving average, which has rolled over and is sloping downward, reinforcing short-term bearish momentum. The interim moving average is leveling off and starting to move lower, indicating weakening trend strength. Meanwhile, the long-term average remains rising but is well below current price levels, indicating that while the macrostructure has not yet completely collapsed, the market is in a transition phase.
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Volume has increased noticeably during the recent sell-off, indicating active distribution rather than a passive decline. However, the latest candles are showing some stabilization near the support area between $65,000 and $70,000, an area that acted as a breakout zone earlier in the cycle.
A sustained recovery from the $75,000-$80,000 range would be needed to restore the bullish structure. Failure to hold current levels could expose a deeper retrace toward long-term trend support.
Featured image of ChatGPT, chart from TradingView.com