Bitcoin price has continued to trade near the $75,000 level as new on-chain data pointed to large-scale accumulation and tightening exchange supply, even as the asset faced repeated resistance near the mid-$70,000 range. Market commentator Crypto Patel said whales bought 270,000 BTC over the last 30 days, calling it the largest accumulation phase since 2013.
At the same time, exchange reserves were described as sitting at their lowest level since December 2017, adding to focus on available supply across trading venues.
Source: X
The latest market setup has combined firm spot demand signals with volatile short-term price action. Bitcoin briefly fell to around $73,500 during US morning trade on Thursday after failing again to push decisively above $75,000. That pullback followed another rejection after BTC moved through the $75,000 mark, showing that sellers remain active in the current resistance zone. Even so, Bitcoin later recovered most of the move and returned close to $75,000.
Whale Buying and Falling Exchange Reserves Draw Attention
The reported purchase of 270,000 BTC over 30 days has become one of the main talking points in the market because it points to concentrated buying from larger holders while exchange reserves continue to shrink. Lower reserve balances on exchanges are often tracked as a sign that fewer coins are immediately available for sale, though near-term price direction can still depend on derivatives positioning and macro headlines.
The combination of stronger whale accumulation and lower exchange balances has kept attention on whether the market is building a base for another move higher.
Bitcoin has already recovered from the low-to-mid $60,000 range and moved back toward the mid-$70,000s, but it has not yet secured a clean breakout above the latest resistance band. That has left traders watching whether the tightening supply trend can outweigh the selling pressure that has appeared each time BTC approaches the next key range.
Bitcoin Negative Funding Rates Add Another Signal
Derivatives data has also been added to the market’s current setup. Glassnode data showed Bitcoin funding rates on a seven-day moving average falling to around negative 0.005%, marking their most negative reading since 2023.
In perpetual futures markets, negative funding means short traders are paying long traders, which usually reflects a market leaning toward downside bets.
Historically, deep negative funding rates have often appeared near local lows in Bitcoin because heavy short positioning can leave the market vulnerable to a squeeze if the price continues rising. That pattern has become more relevant because Bitcoin kept climbing through March and April despite this stretch of negative funding. The asset advanced from the low-$60,000 area to around $75,000 while bearish derivative positioning remained in place.
Ceasefire Headline and Futures Flows Support Risk Appetite
Bitcoin also reacted to geopolitical headlines. The asset rebounded after President Donald Trump announced a 10-day ceasefire agreement between Israel and Lebanon, a development that traders linked to broader hopes for progress in regional negotiations, including talks involving the United States and Iran. Bitcoin rose from an intraday low near $73,000 to roughly $74,800 after the announcement, according to the figures provided.
Source: CryptoQuant
Market structure data added another layer to the move. Over the past two months, Bitcoin trading volume has remained above altcoin volume, a pattern that has often appeared during periods of caution or transition in the crypto cycle.
More recently, altcoin volume has started to recover, suggesting a possible change in participation. At the same time, flows of Bitcoin into futures exchanges have increased since March, resembling patterns seen after the FTX collapse in late 2022.
With whale buying at a multi-year high, exchange reserves at their lowest level since 2017, and funding rates still deeply negative, the market is now focused on whether Bitcoin can move beyond the $75,000 zone and build toward $80,000.
