Whale Accumulation Fails to Boost Bitcoin Price Amid $65K Resistance

Bitcoin's price has been stuck below $65K in recent weeks, but there are signs of whale accumulation behind the scenes. According to CryptoQuant, wallets holding 100 BTC or more have added 54,000 Bitcoin to their holdings since June 14.

This whale activity is a positive sign for Bitcoin, but it hasn't yet translated into higher prices. The price has been rejected from the $65K supply zone multiple times, and miners have been resilient in selling pressure despite a 17% drawdown from the mining cost of $76.5K.

Onchain activity is recovering faster than the share of coins in profit, which currently stands at 53.7%. A rise in this metric would be a positive sign for a potential market recovery. Additionally, the total transfer volume has seen a 23% boost from its April low, but it's unclear if this movement is being accumulated or distributed.

Overall, while there are signs of whale accumulation and recovering onchain activity, Bitcoin's price remains stuck below $65K. A sustained increase in the share of coins in profit and total transfer volume would be a positive sign for a potential market recovery.