Bitcoin price seems to be under pressure as miners and institutions record a massive selloff, while the chart also supports a bearish outlook and hints at a potential downside move.
The Bitcoin price appears to be facing strong selling pressure, which now points to a major downside move on the horizon. However, the asset remains sideways on the intraday level, as it is up 0.30% and currently trades at $64,240.
Meanwhile, another factors supporting this bearish outlook are miners' BTC selloff, massive outflows from Bitcoin ETFs, rising BTC reserves on exchanges, and Strategy's recent BTC selloff.
Recently, a well-followed crypto analyst shared posts on X, noting that Bitcoin miners appear to be taking profits after BTC’s recent move toward $64,600. Over the past 10 days, these miners have sold 1,648 BTC worth $106 million. Alongside miners, Strategy has also sold 3,338 BTC worth $214 million over the past few weeks.
Adding to selling pressure, exchange balances have also increased by 24,700 BTC, worth over $1.59 billion, over the past 10 days.
Alongside these developments, another factor reinforcing this bearish outlook is the massive $398 million outflow from U.S. spot Bitcoin ETFs last week.
All these datasets together suggest a mass sell-off in BTC and raise questions about whether a major fall is coming in the market or if the market will observe this selling pressure.
TradingView's daily chart suggests that BTC's short-term bias is bearish. The chart shows that the asset has been moving in a parallel channel between the upper and lower boundaries of $65,500 and $62,260 since July 26, 2026.
At present, the Bitcoin price seems to be rejecting the upper boundary of the $65,500 level. When the price was last rejected from this level, it witnessed notable selling pressure, resulting in a sharp downside move.
Based on the current price action, if the Bitcoin price remains below the $65,500 level, this time, the history could repeat itself. If this occurs, BTC could see a fall of 2.65% and reach the $62,500 level.
However, this bearish thesis could be invalidated if Bitcoin's price moves out of the channel pattern. In this scenario, BTC could open its door for further upside move and may see a price jump of 2.20% and reach the $67,000 resistance level.
At press, the technical indicator Average Directional Index (ADX) stands at 12.13, below the key threshold of 25, indicating weaker trend strength. Meanwhile, the price below the 200-day Exponential Moving Average (EMA) suggests sellers' dominance, while the broader sentiment remains bearish.
Besides all these bearish developments, the derivatives tool CoinGlass tells a different story. The latest update from the Bitcoin exchange liquidation map shows that $63,552 on the lower side and $65,466 on the upper side are the two major liquidation levels.
In fact, traders at these levels are overleveraged and have built $621.56 million worth of long positions and $428.28 million worth of short positions.
These bets make it clear that, on an intraday level, market participants are eyeing BTC for an upward move.
However, these positions could be liquidated if the price moves in either direction. If the broader sentiment remains unchanged and the price falls to the $63,552 level, a massive $621.56 million worth of long positions could be liquidated.
On the other hand, if the sentiment shifts and BTC price moves to the $65,466 level, nearly $428.28 million worth of short positions could be invalidated.
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