Bitcoin is fighting to hold a critical support zone between $60,000 and $62,000 after losing key ground earlier this week. On-chain data shows a noticeable increase in deposits from older coins — particularly the 3-to-6-month and 6-to-12-month cohorts — suggesting some long-term holders are distributing. The broader market structure remains bearish as long as BTC trades below the former support area around $66,000 to $67,000.
The bounce that hasn’t stuck
The daily chart shows a modest bounce from lows around $59,100, right inside the $59K–$62K demand zone. But the recovery has been limited. The 4-hour chart indicates the rebound looks corrective, not impulsive. Short-term momentum still favors bears below $65,000.
What the old-coin inflows mean
Exchange inflow spikes from older coins during a declining market historically reflect weakening holder conviction. When coins that have sat untouched for months suddenly move to exchange wallets, it often precedes additional selling pressure. Right now, those inflows are happening as Bitcoin struggles to reclaim even the $66K level it lost days ago.
What needs to happen for bulls
A sustained hold above $60,000 could allow a relief rally, but to genuinely improve the market structure, Bitcoin needs to reclaim the $66K–$74K range. That zone is now the major resistance — and it’s also where renewed selling pressure is likely to show up. Below $60K, the picture gets uglier: a deeper correction below recent lows becomes the base case.
For now, the old-coins-moving-to-exchanges trend is the one to watch. If it continues, the support around $60K might not hold much longer.
