Whale Selling Pressure Weighs on Bitcoin as Price Struggles Near $65,000

Bitcoin's price has been stuck below $65,000 in recent sessions, according to data from CoinMarketCap. This marks a decline from its summer highs and suggests the coin has lost some steam since June.

The BTC price has had difficulty pushing past the $65,000 mark for several days, with momentum fading as noted by analyst Ted Pillows. His chart work indicates that $BTC could slide toward $60,500 to $61,000 before any bounce back occurs.

Whale selling pressure is contributing to the current market situation, with a Paxos-linked wallet selling another 800 BTC worth around $50.72 million through Wintermute just eight hours prior to reporting. This sale adds to the approximately $154 million in Bitcoin sold over the past two months by this whale.

Spot volume has dropped to its lowest point since CoinMarketCap started tracking data, with Glassnode flagging thin order books and heavy leverage as potential risks. A drop toward $58,500, the June low, is being eyed if support breaks.