Bitcoin Price Analysis: BTC Retail Demand Remains Low, But Whales Are Lapping Up
Bitcoin (BTC) dropped below $66,000 after failing to stay above $68,000 as the markets remain sluggish. The buyers are attempting to take over the market after four consecutive bearish sessions, as Bitcoin price has crept up slightly to $66,800.
Coinbase has taken advantage of the dip as it revealed to have purchased around $39,000,000 of BTC in Q4, 2025. In fact, according to Glassnode, the whales, in general, are buying the dip.
CZ Denies BitMEX Allegations
Binance co-founder Changpeng “CZ” Zhao pushed back against fresh allegations that Binance secretly traded on BitMEX during the March 2020 crash and made 60,000 BTC by hedging customer positions, calling the claims “fake news” with no proof. He said Binance never traded on BitMEX and argued the mechanics of BitMEX’s withdrawal system make the story implausible, even suggesting the rumor was spread to attract unsophisticated users elsewhere.
The accusations come amid broader criticism of Binance, including claims it manipulated bitcoin’s price or dumped large holdings, allegations Zhao has consistently denied, insisting that wallet balance changes reflect user activity, not proprietary trading.
Also, on the Binance topic, Santiment observed the following when it comes to Binance withdrawals.
Santiment noted:
According to exchange flow numbers, there have been a net outflow of 19,162 $BTC from exchanges over the past week. Primarily due to the crowd’s distrust of Binance in relation to its involvement of the October 10, 2025 dump, we may continue to see coins moving back into cold wallets, or on to other exchanges where retail continues to look for opportunities to panic sell.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) price action looks as sluggish as ever. The flagship cryptocurrency tried to stay above $68,000 before a bearish drawdown took bitcoin price back below $66,000. Since then, the price has managed to get back above $68,000.
Source: TradingView
BTC is still trending in a downward channel far below the 50-day SMA curve. Both the relative strength index (RSI) and the moving average convergence/divergence (MACD) tells us that the overall momentum of the market is quite bearish. In the short-term, the buyers must push the BTC price above $72,000 to reverse bearish momentum. However, it currently looks highly unlikely that they will be able to do the same.
According to Glassnode, the 30-day SMA for Bitcoin shows a lack of demand.
Bitcoin (BTC) On-Chain Analysis
Let’s look at some charts from various sources to get an understanding of the on-chain analysis. Santiment said about Bitcoin shorting:
According to aggregated funding rate data across crypto exchanges, this latest wave of short positioning is the most extreme seen since August 2024, a period that marked a major bottom for Bitcoin. At that time, funding rates also fell deep into negative territory as traders aggressively bet on further downside. Instead, the market reversed. The liquidations of overcrowded short positions helped ignite a powerful recovery, with Bitcoin climbing roughly +83% over the following four months.
The Realized Profit/Loss Ratio (90D-SMA) for Bitcoin continues to trend lower (~1.32), approaching 1, echoing diminishing liquidity.
Historically, a sustained break below 1 has overlapped with broad-based capitulation, where realized losses outpace profit-taking across the market.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.