Bitcoin’s [BTC] latest recovery attempt ran into heavy selling before buyers could reclaim higher ground. After briefly reaching $66,932, bearish pressure quickly erased the advance. This shift signaled that sellers remained firmly in control.
That rejection became more significant when the price slipped below the $65,718 support. This turned the former demand zone into overhead resistance, 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. Unless buyers absorb selling near $61,221, this structure may lead to an additional decline in price for Bitcoin below $60,000.
Binance’s $61K Cost Basis holds
Even as selling pressure continues to test Bitcoin’s recovery, buyers have repeatedly defended a level that historically separates strength from weakness.
The Binance Reserve Realized Price, currently at approximately $61,000, has served as support twice in 2026. Unlike in 2022, when this same level was lost, it became a long-term area of resistance.
That shift matters because the metric reflects the average acquisition cost of the Bitcoin held in Binance’s reserves. By holding above it, the market continues to defend that aggregate cost basis despite recent volatility.
Recent rebounds from around $64,000 toward $65,100 reinforce that behavior, suggesting buyers are still absorbing supply. However, losing $61,000 would weaken market conviction and increase the risk of a deeper correction.
Whales continue accumulating Bitcoin
That resilience becomes more meaningful when examining who is absorbing the recent selling pressure. While Bitcoin continues to hold above Binance’s realized cost basis near $61,000, larger holders appear to be strengthening their positions rather than reducing exposure.
Wallets holding 10 to 10,000 BTC accumulated 19,696 BTC over the past eight days, even as wallets holding less than 0.01 BTC slowed their dip buying. This shift suggests the latest recovery relies more on institutional and whale conviction than broad retail participation.
Still, weaker retail demand could limit upside momentum unless larger buyers continue absorbing supply. If both trends persist alongside improving ETF inflows, Bitcoin’s broader market structure would remain constructive despite recent volatility.
Final Summary
- Bitcoin faces a decisive test at $61,000, where holding Binance’s realized cost basis could preserve market structure and limit deeper downside risk.
- BTC continues relying on whale accumulation as retail demand weakens, reinforcing institutional-led market support.