Bitcoin Bounces Back Above $63k as Whales Accumulate

Bitcoin dipped below $63,000 on August 14, but its price soon rebounded above the support level of $62,500.

The brief drop from its mining cost of $76,500 may seem significant, but miners have shown resilience with weak selling pressure.

Whale wallets have accumulated a substantial amount of BTC since mid-June, totaling 54,000 units, while smaller holders are selling their coins.

On-chain data suggests that transfer volumes are improving and the number of coins held at a profit is slightly increasing, indicating early signs of market recovery if these trends continue.