Veteran trader Peter Brandt recently highlighted that Bitcoin continues to offer one of the clearest examples of classical chart analysis among all markets. In a post on social media, Brandt noted that few other assets adhere as neatly to traditional charting principles as Bitcoin does. His weekly chart, spanning from 2023 to 2026, reveals multiple channels, wedges, and consolidation zones. The current structure appears weaker, with Bitcoin hovering near $65,261, well below the 18-week moving average of around $71,253. The chart also indicates a breakdown from a rising channel established earlier in 2026. The ADX indicator, reading near 28.27, suggests a moderately strong trend, but the break below both the channel and moving average points to growing downside momentum.
Meanwhile, data from CryptoQuant tells a more optimistic story. The firm reported a significant drop in Bitcoin Inflow Coin Days Destroyed, from 2.16 million to roughly 33,000, indicating that older coins are no longer moving to exchanges at the previous pace. The earlier sell-off in early June saw Bitcoin fall from about $71,300 to $63,800 as long-term holders reduced exposure. However, the latest data reveals renewed whale accumulation, with over 11,400 BTC—worth about $700 million—moving from exchanges to private wallets in recent days. This suggests that selling pressure from large holders is easing.
Bitcoin managed to climb above $65,500 on Monday following a peace deal between the US and Iran, which alleviated oil and inflation concerns. At the time of reporting, Bitcoin was trading above $66,000, marking a 3% increase in 24 hours, with a daily high near $65,893. The rebound pushed Bitcoin back toward the upper boundary of the $60,000 to $65,000 support zone. The next key resistance level is around $68,000, where sellers may attempt to halt the recovery. Technical indicators remain mixed, as a sustainable move above $68,000 requires stronger volume to confirm demand. ETF outflows and broader market caution also continue to influence sentiment.
These two contrasting signals create a complex outlook. Brandt’s chart analysis suggests Bitcoin could remain under pressure while it trades below the 18-week moving average and within a weak weekly structure. His view does not dismiss a potential long-term recovery but emphasizes the need for patience before a confirmed breakout. On the other hand, CryptoQuant’s whale data offers a more supportive perspective. If large holders persist in withdrawing Bitcoin from exchanges, selling pressure may continue to diminish. The next significant move for Bitcoin hinges on whether buyers can transform whale accumulation into a decisive break above resistance. If not, attention may shift back to last week’s lows near the $60,000 area.