Despite strong activity from whales, the Bitcoin price remains under selling pressure, hovering around $66,000. Recent data from CryptoQuant reveals a significant increase in Bitcoin exchange inflows, indicating a rise in spending activity. This surge in inflows is likely to create further selling pressure, potentially leading to a short-term price increase followed by a sharp downturn.

According to CryptoQuant, wallets holding Bitcoins for 1-3 months, 3-6 months, and 6-12 months have seen a notable increase in spending. Over the weekend, a significant portion of Bitcoins sent to exchanges came from wallets in these age bands. This movement of Bitcoins to exchanges may lead to a market free fall.

Analyst Michael van de Poppe predicts a decline in the BTC price in the early part of the week, with a potential drop to $63,000. However, he expects the price to hold firmly in the range of $63,000 to $64,500. Bullish divergence has solidified, with the price attempting to maintain above $66,300. A reclaim of this range is crucial for bulls.

While Bitcoin's sideways price action has led to impatience among investors, a potential liquidation event on Binance could lead to increased volatility. If the BTC price reaches $67,450, approximately $19.50 million worth of positions could be liquidated, highlighting the risks associated with trading at high price levels.

In conclusion, the surge in Bitcoin exchange inflows and spending activity may lead to increased selling pressure, potentially driving the price down to $63,000. While analysts predict a short-term decline, the price is expected to hold firmly in the $63,000 to $64,500 range. As the market continues to evolve, investors must navigate the challenges of trading at high price levels.