Bitcoin Surges Above $64,000 as Accumulation Phase Takes Hold

Bitcoin reclaimed its price above $64,000 on Monday after weeks of being trapped in a narrow trading band. The move came as US equity ETFs were down for the session and ahead of the Federal Reserve minutes.

The 30-year US Treasury yield had climbed to 5.31%, its highest level since June 2007, but Bitcoin's price held firm within a range between $62,277 and $66,803. The top of this range, at $66,803, has rejected every rally attempt since June.

Analysts are calling this an accumulation phase because capitulation indicators have fired, long-term holders have finished selling, and large wallets have flipped from distribution back to buying. VanEck's researchers found that eight of the twelve signals in their Bitcoin Capitulation Check are currently flashing, indicating a potential transition to accumulation.

Large holders have added roughly $2.9 billion of Bitcoin over the past 60 days after months of net selling, according to CryptoQuant data. This comes as smaller retail holders sold nearly 10,000 BTC over the same period, highlighting a divergence in market behavior that historically shows up near cycle lows.

The SEC proposed 'Regulation Crypto Assets' on August 18, introducing new rules for certain investment contracts involving crypto assets and transactions.