Bitcoin Nears Key Resistance Zone as Whales Continue Accumulation

Bitcoin is facing a crucial test as it approaches its descending trendline near $65,000. This resistance line has previously rejected Bitcoin twice this year, and a third rejection would maintain the existing downtrend pattern.

However, on-chain data suggests that large investors are accumulating BTC while retail traders reduce their exposure. According to Santiment, wallets holding between 10 and 10,000 BTC have increased their balances by 0.34% since July 29, indicating a shift towards institutional investment.

The U.S. spot Bitcoin ETFs have attracted approximately $755 million in net inflows so far this month, lifting total assets under management to nearly $79 billion. This continued demand is providing a steady source of buying pressure throughout the current consolidation phase.