Bitcoin briefly surged to $66,932 before sellers pushed the price back down, signaling that bears still have the upper hand. The key $65,718 support failed to hold, flipping into resistance and reinforcing a pattern of lower highs and lower lows.
Momentum indicators tell a similar story. The RSI dropped to 36.9 and the MACD remains below its signal line, suggesting that unless buyers step in near $61,221, Bitcoin could slide below the $60,000 mark soon.
Binance Reserve Price Acts as key Support
Despite ongoing selling pressure, Bitcoin has found a critical foothold around $61,000 the average acquisition cost of BTC held in Binance's reserves. This level has served as support twice so far in 2026, a notable improvement from 2022 when it broke down. Holding above this cost basis shows investors are defending their positions even amid volatility, with recent rebounds from $64,000 to $65,100 highlighting buyer resilience.
What stands out is who’s buying. Large holders owning between 10 and 10,000 BTC have added almost 20,000 BTC in the last eight days, while smaller wallets have slowed their purchases. This suggests institutional investors and whales are underpinning the recovery, rather than widespread retail enthusiasm. For sustained gains, these big players need to keep absorbing supply as retail demand wanes.
