Whale Accumulation Boosts Bitcoin as Price Struggles to Break $65,500 Resistance
Bitcoin's price continues to struggle to break above the $65,500 resistance level, despite a strong recovery from its lows around $57,650. The token is currently trading at $63,450 after experiencing a drop of nearly 2.76%, with an increased trading volume of 23.85%. Whale wallets have been accumulating large amounts of BTC over the past few days, with wallets holding between 10 BTC and 10,000 BTC adding 19,696 BTC over the past eight days.
This accumulation coincided with Bitcoin's failure to reclaim the $65,500 resistance level. On-chain data from Santiment shows that wallets holding less than 0.01 BTC reduced their buying activity during this time, suggesting that institutional and high-net-worth investors remain confident in the market. Retail traders, however, are adopting a cautious approach.
Historically, sustained whale accumulation has supported stronger price recoveries for Bitcoin. However, the token still requires a decisive breakout above key resistance to confirm renewed bullish momentum. The Relative Strength Index (RSI) hovers near the neutral 50 level, suggesting that momentum remains balanced between buyers and sellers.