Key Takeaways: Whale wallets holding 10 to 10,000 BTC accumulated 19,696 Bitcoin over eight days. Bitcoin fell 2.8% to $63,450 after failing to reclaim the $65,500 resistance level. The Fed meeting and GDP data this week could trigger a breakout from the current range.
Whale wallets accumulated nearly 20,000 Bitcoin in eight days even as the token dropped 2.8% and failed to reclaim the $65,500 resistance level.
Bitcoin fell 2.8% to $63,450 on July 28 as whale wallets accumulated 19,696 BTC over eight days while the token failed to reclaim $65,500 resistance.
Wallets holding between 10 BTC and 10,000 BTC added the coins over the past eight days, while wallets with less than 0.01 BTC showed weaker dip-buying urgency, Santiment said in a July 28 post.
The accumulation coincided with a 23.85% surge in trading volume and a 2.76% daily decline, leaving Bitcoin trapped between $60,000 support and $65,500 resistance. U.S. spot Bitcoin ETFs recorded $11.64 million in net outflows on July 27, with BlackRock's iShares Bitcoin Trust posting the largest single-fund withdrawal at $8.82 million, SoSoValue data shows. The selling pressure added to a broad risk-off move that also dragged South Korea's KOSPI more than 8% lower, triggering a circuit breaker.
A sustained close above $65,500 would open the path toward $67,245, the 0.382 Fibonacci retracement, while a break below $60,000 would expose the June lows near $58,000. The Federal Reserve's two-day meeting ending July 29 and the July 30 release of second-quarter GDP and core PCE data create a volatility window that could resolve the range.
Whale Accumulation vs. Retail Caution
Santiment described the divergence as a positive signal, saying supply was shifting to relatively stronger holders. The 19,696 BTC accumulated over eight days represents roughly $1.25 billion at current prices. However, the 14-day moving average of active addresses remains near 400,000, well below the February 2026 spike near 800,000, indicating that network usage has not yet confirmed the accumulation thesis.
Technical Setup Hinges on $65,500
The daily chart shows Bitcoin trading below a descending trendline from the August 2025 record high. The relative strength index stands at 46.77, below its moving average of 53.49, while the MACD histogram remains negative at minus 104.93. Ali Martinez noted that Bitcoin's three-day Bollinger Bands were beginning to squeeze, a pattern that typically precedes a larger directional move without signaling which direction.
This article is for informational purposes only and does not constitute investment advice.
