Bitcoin rebounded from $57K but continued struggling to break above the $64K resistance. In fact, $BTC faced rejection at that level three times.
At press time, Bitcoin [$BTC] traded near $63,240 after gaining 0.18% daily and almost 6% over the past week.
Even so, several high-value investors remained confident despite repeated rejections.
Why are Bitcoin whales turning bullish?
As Bitcoin tested this key resistance, some whales entered leveraged long positions.
According to Lookonchain, one whale opened a 40x long on 1,000 $BTC worth $63.8 million. The position showed an unrealized profit of $698,000 after paying about $14,000 in Funding Fees.
Another whale opened a 20x long on 470.4 $BTC worth roughly $30 million.
However, that position showed an unrealized loss of $374,000 after paying about $5,000 in Funding Fees. These trades suggested that some large investors expected Bitcoin’s recovery to continue despite recent weakness.
That optimism also appeared across the broader market.
The Long/Short Ratio climbed above 1 across major exchanges. Binance recorded a reading of 1.3, while OKX reached 1.4. Those readings suggested long positions outnumbered shorts across both platforms.
Do $BTC sellers still have the edge?
Despite growing bullish positioning, sellers continued dominating several derivatives metrics.
The Derivatives Taker Buy Sell Ratio stayed below 1 for a second straight day.
At press time, the metric stood near 0.88, indicating sell orders continued outweighing buy orders.
Futures flows told a similar story. Over the past 24 hours, Futures Outflows reached $18.9 billion, compared to $18.7 billion in Futures Inflows. As a result, Futures Netflow fell 146% to a negative $233 million, reflecting sustained selling pressure.
That left traders watching whether Spot demand could absorb continued derivatives selling.
Can Bitcoin break $64K?
Despite derivatives’ weakness, Bitcoin’s broader structure remained constructive.
The Relative Strength Index (RSI) held between 49 and 53, suggesting buyers gradually regained momentum. Meanwhile, the Stochastic Momentum Index (SMI) climbed to 63, reinforcing the improving trend.
Taken together, these indicators suggested buyers still held a chance to reclaim $64K. A decisive breakout could open the path toward $65,800.
However, widespread long liquidations could send Bitcoin [$BTC] back toward the $62K support level.
Final Summary
- Two Bitcoin whales opened leveraged long positions worth $93.8 million despite repeated rejection at $64K.
- Long positioning increased, but derivatives data still showed sellers maintaining short-term control.