Bitcoin Price News: Whale Activity Favors Near-Term Floor at $60K

Bitcoin (BTC) has managed to rise by 1.5% in the past 7 days, even though the token has once again dipped below the $70,000 level.

Trading volumes have progressively dropped from a recent peak of $125 billion on February 5 to $44 billion in the past 24 hours, as price volatility has subsided a bit.

Crypto Fear and Greed Index – Source: CoinMarketCap

However, market sentiment remains heavily depressed, as the Fear and Greed Index sits at a historical low of 8, indicating that the dominant attitude is “extreme fear.”

At a point when retail investors are panicking and in full capitulation mode, data from Santiment shows that the “smart money” is buying the dip.

Whales Have Bought 170,000 BTC in 2026

On-chain data from this crypto analytics firm shows that whales have accumulated 150,000 BTC tokens since the year started.

Bitcoin (BTC) Whale Activity – Source: Santiment

At an average price of $77,000, this means an $11.5 billion investment into the top crypto that could create a strong floor as BTC approaches the $60,000 area.

Addresses holding between 1,000 and 10,000 tokens have been the ones buying the most BTC during this period, increasing their holdings by 100,000 coins, meaning a 2.1% increase.

Meanwhile, addresses holding between 10,000 and 100,000 BTC have also bought 70,000 coins during this period, resulting in a 3.1% jump.

Interestingly, smaller whales holding between 100 and 1,000 BTC have been dumping the tokens that these larger whales are buying.

This group started to sell at a frantic pace once BTC dipped below $90,000 after buying the token for months while it traded above $100,000. This could be an indication that opportunistic investors have capitulated.

Selling Pressure Ramped Up at $70K

Whale participation is important to create organic demand. This could create a strong floor that helps BTC recover in the mid-term.

BTC/USD Daily Chart – Source: TradingView

The daily chart shows that the token is once again dropping below $70,000, a key psychological price zone that acted as resistance during the latest spike.

The most relevant support to watch at this point would be the $60,000 level. There was strong demand at this price back on February 5 when the top crypto lost 14% in a single day.

Hence, the market could head back there to retest that area and see if buying pressure is strong enough to put an end to this bearish cycle.

The Relative Strength Index (RSI) has already stepped out of oversold levels and just sent an early buy signal upon crossing above the 14-day moving average.

It would still take a move above $75K to potentially reverse the downtrend. Hence, it is still too early to call a “bottom”.

Whale activity seems to show that buying interest is strong at these price levels. The most likely floor for BTC at this point would be $60,000, as long as a geopolitical event doesn’t push the market to lower ground once again.

BTC/USD Hourly Chart – Source: TradingView

Heading to the hourly chart, sell signals have been piling up since the week started. The key area to watch right now seems to be $68,500. This level could provide the best entry for a short position with a target set at $60,000.

Another strong rejection of this area could set in motion a significant decline during the weekend, offering an attractive 5:1 risk-reward ratio if that target is hit.