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Bitcoin faces sell pressure as 20,000 BTC move to exchanges, risking a drop below $60K before possible recovery.

Technical Signals
05 Aug 2026
Coinpaper
View Source
Bearish
Bitcoin faces sell pressure as 20,000 BTC move to exchanges, risking a drop below $60K before possible recovery.

Bitcoin exchange reserves have increased by over 20,000 BTC, signaling potential sell-side pressure as more coins become available for trading. This rise in reserves, from about 2.70 million BTC to 2.72 million BTC, suggests investors might be preparing to sell, which could lead to short-term price volatility. Technically, Bitcoin is trading near $63,970 with resistance around $65,347; a pullback toward $62,165-$59,591 is possible before any recovery attempt. A decisive break above $65,347 could open the path to $69,000, but a drop below $59,591 would increase the risk of a deeper decline. Investors should watch for increased selling volume or absorption of supply to gauge the next price move.

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