Bitcoin Whales Buy 66,700 BTC as Price Holds Above $64K

Bitcoin has regained attention after briefly reclaiming the $65,000 psychological level for the first time in five days, though the rally was short-lived as sellers quickly emerged to defend higher prices.

The leading cryptocurrency climbed above the closely watched level before retracing to around $64,100 at the time of writing, suggesting that traders continue to battle for control following weeks of volatile price action.

While Bitcoin's technical structure remains mixed, fresh on-chain data suggests large investors are quietly accumulating, potentially laying the groundwork for another attempt to reclaim higher levels.

Bitcoin remains trapped between key technical levels

From a technical perspective, Bitcoin has yet to establish a clear directional trend.

After sweeping liquidity above $65,000, BTC failed to sustain the breakout and retreated back into its recent trading range.

The asset continues to oscillate between its 20-day and 50-day Exponential Moving Averages (EMAs), a pattern that typically reflects market indecision as buyers and sellers struggle to establish dominance.

This consolidation phase has kept traders cautious, with neither bulls nor bears gaining a decisive advantage in recent sessions.

However, the repeated defense of support above $64,000 suggests buyers remain active despite the lack of a confirmed breakout.

Whales continue accumulating as smaller holders sell

Although price action remains uncertain, Bitcoin's on-chain metrics paint a more constructive picture.

According to CryptoQuant, Bitcoin whales accumulated approximately 66,700 BTC during the latest buying wave, even as mid-tier holders continued reducing their exposure.

The trend suggests larger investors are absorbing supply entering the market from smaller participants.

Source: CryptoQuant

Additional support for the reports comes from Spot Average Order Size data, which indicates that larger buy orders have increased at current price levels.

Historically, rising average order sizes often reflect growing participation from institutional investors and high-net-worth traders, who typically accumulate during periods of market uncertainty rather than chasing momentum.

The divergence between whale accumulation and retail selling may indicate growing confidence among long-term investors despite Bitcoin's recent volatility.

Source: CryptoQuant

Liquidation cluster above $65K could attract price

Derivatives data points to another important level that traders are watching closely.

A liquidation cluster worth approximately $59 million sits around the $65,400 price level, creating a potential liquidity magnet should buyers regain momentum.

Markets often gravitate toward areas with concentrated leveraged positions, as liquidations can accelerate price movements once key resistance levels are breached.

If Bitcoin manages to reclaim $65,000 with convincing volume, the liquidation zone above could provide additional fuel for an extended rally.

Conversely, failure to sustain buying pressure may keep BTC trapped within its current range until a stronger catalyst emerges.

Source: Coinglass

Bulls retain the on-chain advantage

While Bitcoin's short-term technical outlook remains neutral, on-chain indicators continue to favor the bulls.

The combination of rising whale accumulation, larger average spot order sizes and significant liquidity resting above current prices suggests institutional participants remain optimistic despite the market's recent hesitation.

As it stands, the battle around $65,000 remains the key level to watch. A decisive move above $65,400 could trigger fresh liquidations and strengthen bullish momentum, while continued rejection may extend Bitcoin's period of sideways consolidation.