Feb 28, 2026
2 0
BEARISH 📉 : Rising Bitcoin reserves on exchanges signal persistent sell pressure
Bitcoin has reclaimed the $66,000 level, but efforts to sustain this recovery face challenges:
- Short-term momentum has improved, but structural signals suggest that upside conviction is fragile.
- Cumulative exchange netflows indicate more Bitcoin is moving onto exchanges than leaving, limiting sustained price expansion.
- Exchange reserves have increased by approximately 28,489 BTC since mid-January, signaling potential sell-side pressure.
Netflow Regime Shift
- The 30-day moving average of Bitcoin exchange netflows shows a shift from accumulation to distribution.
- Sustained positive netflows reflect increased coins migrating to exchanges, indicating potential for increased selling pressure.
- With an average inflow rate of roughly 628 BTC per day, the supply available for sale expands, limiting bullish prospects.
Bitcoin's Macro Support Test
- Bitcoin faced rejection in the $120K–$130K range, breaking down below the $90K–$95K support, now turning into resistance.
- Currently consolidating near $66K, just above the 200-week moving average, a key macro support level.
- Volume during the breakdown phase suggests forced liquidations rather than consolidation, with moderated participation afterward.
- A reclaim of the mid-$80K region is needed to re-establish bullish structure; failure to hold current support could lead to deeper declines.
