Bitcoin is seeing a notable buy wall near $60,800 on Binance. Analyst CW said large investors have clustered sizable buy orders around that level, creating a buffer against selling pressure and turning it into an important short-term support area.
Price had briefly climbed to $63,990, but the move failed to hold above the $63,400 to $63,500 resistance band. Profit-taking picked up quickly after that rejection, dragging Bitcoin down to $61,297. Buyers later pushed it back above $62,000, showing that demand had not disappeared after the pullback.
Buy wall near $60,800 becomes the immediate focus
A buy wall is a concentration of large bids at a specific price in the order book. It can slow a decline during heavy selling, but those orders can also be changed or removed at any moment, so the support is not guaranteed to stay in place.
CW said a clear break above $63,500 could revive bullish momentum and open the way toward the $64,000 area. If that ceiling holds, attention may shift back to $61,300, with the lower $60,400 to $60,600 range coming into view if weakness returns.
Long-term channel still in play on the monthly chart
Analyst Crypto Patel pointed to Bitcoin’s monthly structure and said the asset has remained inside a rising channel for nearly 13 years. He linked major declines in 2013, 2017, and 2021 with long accumulation periods that later preceded fresh record highs.
Patel also said the scale of corrections has eased over time, citing earlier drawdowns of about 87.5% and 79.3%. If the traditional four-year cycle remains intact, he sees the long-term trendline near $35,000 as a possible support zone during a deeper correction.
Recovery signals improve, but confirmation is still missing
Blockchain analytics firm Swissblock said Bitcoin is beginning to stabilize after months of downward pressure. According to the firm, price momentum has rebounded from deeply negative readings and the OBV indicator has improved, pointing to softer selling pressure and a gradual return of buying interest.
Swissblock added that neither indicator has moved into positive or neutral territory yet. In its view, that suggests institutional buying is still limited. A sustained uptrend would require stronger volume, and for now Bitcoin remains trapped between support and resistance, with a break in either direction still possible.