Bitcoin’s (BTC) recent recovery attempt was met with intense selling before buyers were able to gain higher ground. After briefly reaching $66,932, bearish pressure quickly erased the advance. This change signaled that sellers were firmly in control.
This rejection became even more significant when the price broke below the $65,718 support. This confirmed a lower high, lower structure, turning the former demand zone into overhead resistance.
As the selling accelerated, stronger bearish candles consistently overwhelmed weak relief rallies around the $63,000-$64,000 region, reflecting waning buying interest.
This change also showed itself in momentum indicators; While the RSI fell to 36.9, the MACD remained below the signal line as of the time of writing. This structure could lead to Bitcoin price falling below $60,000 unless buyers accept sales near $61,221.
Binance’s $61K Cost Basis is maintained
of Bitcoin Following the recovery, buyers repeatedly defended a level that has historically separated strength from weakness.
Currently at around $61,000, the Binance Reserve Realized Price has acted as support twice in 2026. It has become a long-term resistance area, unlike in 2022 when the same level disappears.
This change is significant because the metric reflects the average purchase cost of Bitcoin held in Binance’s reserves. The market continues to defend this total cost base by keeping it above this level despite recent volatility.
Recent rebounds from around $64,000 toward $65,100 reinforce that behavior, suggesting buyers are still absorbing supply. However, a loss of $61,000 would weaken market confidence and increase the risk of a deeper correction.
Whales continue to accumulate Bitcoin
This flexibility becomes more meaningful when examining who is absorbing the latest selling pressure. As Bitcoin remains above Binance’s realized cost base around $61,000, larger holders appear to be strengthening their positions rather than reducing their exposure.
Wallets holding 10 to 10,000 BTC accumulated 19,696 BTC in the last eight days, while wallets holding less than 0.01 BTC slowed down buying. This shift suggests that the recent recovery is based on corporate and whale belief rather than broad retail participation.
Still, weakening retail demand could limit bullish momentum unless larger buyers continue to absorb supply. If both trends continue, along with an improvement in ETF inflows, Bitcoin’s broader market structure will 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 to rely on whale accumulation as retail demand weakens, strengthening institutional-led market support.
