Bitcoin Bulls Defend $61K Cost Basis Amid Weakening Retail Demand

Bitcoin's recent recovery attempt has been met with heavy selling pressure, causing the price to decline below its previous support level of $65,718. This shift in momentum has also been reflected in technical indicators, such as the RSI falling to 36.9 and the MACD remaining below its signal line.

Despite this bearish trend, buyers have repeatedly defended a level historically separating strength from weakness, Binance's $61K Cost Basis. This metric reflects the average acquisition cost of Bitcoin held in Binance's reserves, and holding above it indicates that the market is still defending its aggregate cost basis.

Larger holders, or 'whales', appear to be strengthening their positions by accumulating 19,696 BTC over the past eight days, even as smaller wallets slowed their buying activity. This trend suggests that the latest recovery relies more on institutional and whale conviction than broad retail participation.