Whale Orderbook Reveals Bitcoin Price Bias Even as Prices Move Sideways

Key Insights

• Bitcoin price remains range-bound with low volatility and weak directional momentum.
• Whale orderbooks show massive buy walls clustered around the $60K level.
• Bitcoin miners shift to HODL mode, signaling long-term conviction amid short-term pressure.

Bitcoin price has been trading within a narrow sideways range for the last couple of weeks. At the same time, sell pressure and buy pressure have cooled substantially. This scenario highlights elevated uncertainty about Bitcoin’s next major directional move.

The Bitcoin price has been ranging between $65,000 and $72,000 in the last 10 days. That range narrowed even further today as 24-hour trading volume down 9.2% intra-day to $35.6 billion, according to CoinGecko.

This consolidation came after heavy selling pressure witnessed earlier in the year, including large-scale liquidations and notable ETF outflows. Market indicators like the Fear & Greed Index, which is currently at 10. It reflects widespread caution, showing extreme fear among investors.

The derivatives markets displayed a modest 4% premium on 90-day futures, while spot trading volume remained reactive rather than directional.

Over the past 11 days, Bitcoin’s price has repeatedly tested the $70,000 level but has faced consistent rejection, producing lower highs and short-term downward pressure.

Bitcoin Price Chops Sideways with Low Volatility

The price of BTC remained almost stagnant, moving in a tight range throughout the first couple of weeks of February 2026. Daily highs pushed above $70,000, while lows touched $67,300. Over the last 24 hours, BTC has shown a larger consolidation pattern, bouncing between $67,000 and $69,000.

The low volatility and moderate volume signaled that the market was waiting for the fog of uncertainty to clear. Such market phases historically preceded larger moves as participants adjusted positions.

Whale Orderbooks Point to a $60,000 Retest

Despite the choppy markets, futures data shows large players building up bearish expectations. Whales even have a rough idea of the next best place for a rebound. Large orderbook data from Coinglass shows clusters of whale buy orders hurdled below the current Bitcoin spot price.

Whales have placed huge buy orders between $59,000 and $60,000 to pick over 1,113 BTC worth over $66.7 million within that range.

Other notable regions where whale orders were concentrated include $65,000 and $61,000, but none were larger than the mammoth orders at $60,000.

This pattern indicated a strategic positioning for Bitcoin’s potential swing low to test the $60,000 lower support level. While spot trading appears flat, orderbook analysis reveals heavy bidding likely intended to absorb potential price crash to past $60,000.

Bitcoin Miners Embrace HODL Mode

On-chain metrics revealed that Bitcoin miners have been shifting toward holding at recent prices. This may indicate that miners expect more recovery from the current price levels.

Data from CryptoQuant showed sharp increases in outflows from miner-associated wallets to private storage. According to a CryptoQuant analyst, Arab Chain, Bitcoin miners have withdrawn over 36,000 BTC from exchanges since early February.

He further noted that this behavior was typically interpreted as a move toward long-term storage, since Bitcoin miners prefer cold storage over exchanges.

It is also worth noting that the average cost to mine Bitcoin rose above $80,000, while Bitcoin price traded below $70,000. This essentially means miners may not be incentivized to sell their BTC.

It makes more sense to hold on to the BTC and wait for prices to push higher. This risk is that further downside could put a strain on miners as their operating costs rise. Such scenarios, characterized by greater downside, may lead some miners to wait out the current phase.

Prolonged choppy price action, huge whale bids below the current price, and sustained miner holding are signals pointing to a market ready to swing lower. Only near-term pressure right now is coming from ETF redemptions and corporate treasury adjustments.

Successful defence at the $60,000 may provide a base for reversal, while failure could result in additional BTC downside towards $45,000.