Whale Accumulation Supports Bitcoin Amid Selling Pressure
Bitcoin's latest recovery attempt was short-lived as selling pressure quickly erased its gains. The price briefly reached $66,932 before bearish pressure took hold, erasing the advance and signaling that sellers remained firmly in control.
The rejection became more significant when the price slipped below the $65,718 support, turning the former demand zone into overhead resistance and confirming a lower high, lower low structure.
As selling accelerated, stronger bearish candles consistently overwhelmed weaker relief rallies around the $63,000-$64,000 region, reflecting fading buying interest. This shift also appeared in momentum indicators, with the RSI falling to 36.9 while the MACD remained below its signal line as of writing.
Despite recent volatility, buyers have repeatedly defended a level that historically separates strength from weakness, Binance's $61K Cost Basis. The metric reflects the average acquisition cost of the Bitcoin held in Binance's reserves and has served as support twice this year.