Bitcoin’s (BTC) latest recovery attempt faced heavy selling before buyers were able to regain higher ground. After briefly reaching $66,932, downward pressure quickly erased the advance. This shift indicates that sellers remain firmly in control.
This rejection became more significant when the price fell below the $65,718 support level. This turned the previous demand zone into overhead resistance, confirming a lower high and lower lower structure.
As the selling accelerated, weaker relief rallies around the $63,000-$64,000 area were overshadowed by persistently strong bearish candles, reflecting fading buying interest.
This shift was also evident 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 could lead to a further decline in Bitcoin price below $60,000.
Binance’s cost basis of $61,000 remains constant
Even as selling pressure continues to test Bitcoin After the recovery, buyers repeatedly defended the level that historically separates strength from weakness.
The realized price of Binance Reserve, which is currently around $61,000, served as support twice in 2026. And unlike in 2022, when it lost this same level, it became a long-term resistance area.
This shift is important because the metric reflects the average cost of holding bitcoin held in Binance’s reserves. By holding above it, the market continues to defend its total cost basis despite the recent volatility.
Recent rises from around $64,000 to $65,100 reinforce this behavior, indicating that buyers are still absorbing supply. However, a loss of $61,000 would weaken market conviction and increase the risk of a deeper correction.
Whales continue to accumulate Bitcoin
This flexibility becomes even more important when examining who is absorbing the latest selling pressure. As Bitcoin continues to hold above Binance’s realized cost basis near $61,000, large holders appear to be consolidating their positions rather than reducing exposure.
Wallets holding between 10 and 10,000 BTC have accumulated 19,696 BTC over the past eight days, even as low purchases of wallets holding less than 0.01 BTC have slowed. This shift suggests that the recent recovery depends more on the conviction of institutions and whales than on broad retail participation.
However, weak retail demand may limit bullish momentum unless large buyers continue to absorb supply. If both trends continue alongside improving ETF flows, the broader market structure for Bitcoin will remain constructive despite the recent volatility.
Final summary
- Bitcoin faces a crucial test at $61,000, where holding Binance’s realized cost basis could preserve market structure and limit deeper downside risks.
- BTC continues to rely on whale accumulation as retail demand weakens, fueling institutional-led market support.
