Bitcoin Whale Accumulation Continues Amid Consolidation Below $65,500
Bitcoin's price has once again struggled to break above $65,500, and as it consolidates below this level, large holder wallets continue to accumulate BTC. According to on-chain data from Santiment, these whale wallets have added a significant 19,696 BTC over the past eight days, with their buying activity coinciding with Bitcoin's inability to reclaim the resistance.
This accumulation comes despite a decrease in retail participation, as shown by reduced buying activity among smaller wallets holding less than 0.01 BTC. Historically, sustained whale accumulation has been associated with stronger price recoveries, but for now, Bitcoin remains below a descending trendline and requires a decisive breakout above key resistance to confirm renewed bullish momentum.
The next major resistance level lies at the 0.382 Fibonacci retracement near $67,245, and Bitcoin must first reclaim $65,500 to strengthen its bullish outlook. The Relative Strength Index (RSI) hovers around the neutral 50 level, suggesting balanced momentum between buyers and sellers.