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🚨 The chart tells one story. On-chain data tells another. This morning's on-chain data suggests the market is under pressure—but not necessarily at a breaking point. Here are the key takeaways: 🔹 Short-term holders are capitulating. More than 30,000 BTC was reportedly moved to exchanges and sold at a loss over the past 24 hours, a sign that recent buyers are giving up. 🔹 The $62K–$65K zone is becoming a major battleground. Buyers continue absorbing supply in this range, making it an important area to watch. 🔹 The 16,400 BTC whale transfer wasn't sent to exchanges. It moved to a new wallet, suggesting custody restructuring or an OTC transfer rather than an immediate market sale. 🔹 The Coldcard incident has shaken confidence in self-custody, but there are no clear signs of large amounts of the stolen BTC being dumped onto exchanges. My takeaway? The market is showing signs of short-term exhaustion, but it still hasn't reached the kind of panic that has marked major cycle bottoms in the past. For now, this looks like a range where weak hands are being cleared out—not a market that has already chosen its next direction. Patience still offers the best risk-to-reward. #BTC #Bitcoin #Crypto #OnChain #DailyOrbit #DailyOrbit