Is This The Bitcoin Bottom? 3 Metrics Still Point To $63,000 As The Key Risk Zone
Despite hitting a technical target, weak spot buying and whale selling suggest Bitcoin's correction may continue toward the $63,000 support zone.Summary
Bitcoin recently experienced a sharp pullback, fulfilling the downside target projected by a broken head-and-shoulders pattern near $75,130. However, on-chain and derivatives data indicate that a durable bottom is not yet confirmed due to weak buyer conviction.
The three key warning metrics are: 1) Exchange outflows have dropped sharply, showing investors are not rushing to buy the dip. 2) Whales (wallets holding 10k-100k BTC) have been reducing their exposure by selling about 10,000 BTC. 3) Short-term holder NUPL is in capitulation territory but not as extreme as previous bottoms, suggesting panic is present but incomplete.
Derivatives markets show massive short positioning ($1.91B in shorts vs. $168M in longs), which could trigger a short squeeze, but this is not healthy demand. If current support fails, on-chain analysis points to key support clusters near $66,890 and $63,111. Technically, losing the $75,130 level exposes BTC to $69,500, making the $63,000-$66,000 range the key risk zone until stronger spot accumulation emerges.
(Source：BeInCrypto)