Bitcoin’s attempt to reclaim higher ground ended abruptly after sellers pushed the price back, confirming a bearish lower high, lower low structure. The cryptocurrency slipped below $65,718 support, turning it into overhead resistance, while momentum indicators like the Relative Strength Index (RSI) at 36.9 and a bearish Moving Average Convergence Divergence (MACD) signal further downside risk. Buyers have repeatedly defended the $61,000 level, which aligns with Binance’s Realized Price and has held as support twice in 2026. Meanwhile, whale wallets holding 10 to 10,000 BTC accumulated 19,696 BTC over eight days, even as smaller retail holders slowed dip buying, suggesting institutional conviction is underpinning the market.
Bitcoin’s latest recovery attempt ran into heavy selling before buyers could reclaim higher ground. After briefly reaching $66,932, bearish pressure quickly erased the advance, signaling that sellers remained firmly in control.
The 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.
Stronger bearish candles consistently overwhelmed weaker relief rallies around the $63,000–$64,000 region. This reflected fading buying interest, with the RSI falling to 36.9 while the MACD remained below its signal line.
Unless buyers absorb selling near $61,221, this structure may lead to an additional decline below $60,000. Even as selling pressure continues, buyers have repeatedly defended the Binance Reserve Realized Price, currently at approximately $61,000.
This metric reflects the average acquisition cost of Bitcoin held in Binance’s reserves, and it has served as support twice in 2026. 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. That resilience becomes more meaningful when examining who is absorbing the selling pressure.
Wallets holding 10 to 10,000 BTC accumulated 19,696 BTC over the past eight days. Meanwhile, wallets holding less than 0.01 BTC slowed their dip buying, indicating the latest recovery relies more on institutional and whale conviction than broad retail participation.
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.
