Bitcoin wavers near $66,000 as whale buying meets weak US demand

Bitcoin’s price showed mixed signals on April 5, 2026, as record whale accumulation was offset by weak institutional demand in the United States.

"The divergence between sophisticated buyers and the broader market is creating a tense equilibrium," said a report from Glassnode. "It's a classic bull-trap versus bottom-found scenario."

On-chain data shows that Bitcoin whales, or wallets holding at least 1,000 BTC, added a record 217,000 BTC on April 5, the largest single-day accumulation in history. This bullish indicator, however, was met with continued weak demand from US-based investors and spot Bitcoin ETFs.

The standoff leaves Bitcoin trading in a tight range, with the next major move likely dependent on which side of the market capitulates first. A break above the current resistance could confirm a market bottom, while a fall below key support levels could validate the bull trap thesis, potentially leading to a sharp correction.

This article is for informational purposes only and does not constitute investment advice.