Bitcoin climbed to $68,300 during early Asian trading Tuesday as whale selling activity declined. Large BTC deposits to Binance dropped significantly, signaling reduced selling pressure.

- Figure 1 -
- Figure 1 -

CryptoQuant data showed whale deposits to exchanges have decreased substantially since early February when large holders sent up to 11,800 BTC daily to Binance. The 30-day moving average dropped from nearly 4,000 BTC to around 1,600 BTC daily.

- Figure 2 -
- Figure 2 -

The sharp decline in whale deposits coincided with Bitcoin net position changes falling by 89,710 BTC on March 26, the largest spike since December 2024. Glassnode reported that exchange net position change sits at -68,650 BTC, indicating strong accumulation by large holders.

- Figure 3 -
- Figure 3 -

Perpetual cumulative volume delta increased by 38.1% to -$361 million, suggesting decreased sell-side pressure and recovering buyer participation.

- Figure 4 -
- Figure 4 -

Analysts now focus on the 200-week simple moving average at $59,430 as Bitcoin's critical support level. Maintaining this support historically led to significant recoveries after the 2018 bear market and 2020 crash. Breaking below could trigger deeper corrections toward $41,000.