Bitcoin’s [BTC] recent recovery from around $58,000 to nearly $64,700 has begun losing steam as bears gradually return to the market. That rebound restored profits for traders who accumulated during the earlier decline, encouraging profit-taking.
As the price approached the $64,971 resistance, bulls lost momentum as profit-taking steadily increased. The rejection then pushed Bitcoin back toward $62,800, confirming that sellers remained active near higher levels.
Meanwhile, at press time, the RSI slipped below 40, reflecting fading short-term bullish momentum rather than aggressive panic selling. Even so, buyers continue to defend the $57,723 support, preventing a deeper breakdown for now.
This weakness appears to be a normal pause after recovery, not a structural sentiment shift. Unless support fails decisively, Bitcoin’s broader recovery structure remains intact despite the latest pullback.
Distribution accelerates after Bitcoin’s recovery
Profit‑taking is evident among Bitcoin’s mid‑sized holders. After BTC rebounded toward $64,700, wallets holding 100–1,000 BTC shifted from accumulation to distribution, selling roughly 67,000 BTC on the 13th of July.
That marked their largest distribution since February and a sharp reversal from the 92,000 BTC accumulated on the 25th of April. However, exchange inflows remained relatively restrained. Binance received about 2,800 BTC, while Coinbase Prime saw roughly 1,690 BTC, both below recent local peaks.
Such a divergence indicates many holders are taking profits without rushing to offload their entire positions. Rather than signaling broad panic, the latest activity reinforces that Bitcoin’s pullback is primarily a measured profit-taking phase following its recent recovery.
Exchange activity shows ordinary distribution
That measured profit-taking becomes even more evident when broader exchange activity is considered. Despite Bitcoin trading in the $60,000-$64,000 range, exchanges have seen limited panic-driven inflows. This suggests that holders may be distributing their holdings selectively rather than rushing to exit positions.
The Coinbase Premium Index has also shown improvement from its extreme low point over the last several weeks. However, since early May, it has remained in negative territory. This indicates institutional demand is gradually stabilizing but has yet to regain sustained buying strength.
Therefore, given the restraint on exchange flows coupled with the improvement in the Premium Index, it appears that the latest correction reflects an orderly repositioning rather than the beginning of a broader market breakdown.
Final Summary
- Bitcoin continued to reflect orderly profit-taking instead of panic selling.
- BTC maintained its recovery structure as exchange flows remain restrained.
