Bitcoin Wrestles with $61,000 Support as Whale Buying Fails to Stem Selloff

Bitcoin's price has been struggling to hold above $61,000 after facing heavy selling pressure that pushed it below key support at $65,718.

This level represents Binance's average acquisition cost and has been defended by buyers, mainly large holders or whales, who have accumulated nearly 20,000 BTC recently.

This institutional buying helps offset weakening retail demand and maintains market structure, but if Bitcoin falls below $61,000, it risks a deeper correction below $60,000.