Bitcoin Whales Absorb Selling Pressure at $61K
Bitcoin's latest recovery attempt has stalled at $65,718 support, and sellers are firmly in control. The price briefly reached $66,932 but was quickly erased by bearish pressure.
The shift to a lower high, lower low structure indicates that buyers are struggling to reclaim higher ground. Momentum indicators also show fading buying interest, with the RSI at 36.9 and the MACD below its signal line.
However, buyers have repeatedly defended Binance's $61K Cost Basis, which has historically separated strength from weakness. The metric reflects the average acquisition cost of Bitcoin held in Binance's reserves, and holding above it suggests market conviction.
Larger holders, or 'whales', continue to accumulate Bitcoin, with wallets holding 10 to 10,000 BTC adding 19,696 BTC over the past eight days. This trend reinforces institutional-led market support.