Bitcoin (BTC) traded near $63,500 as continued whale selling and repeated rejection below $65,000 kept attention on the market’s next support test.
Key Points:
- A Paxos-linked wallet sold another 800 BTC through Wintermute, worth about $50.72M.
- The same wallet has sold 2,500 BTC, roughly $154M, over the past two months.
- Traders are watching $62,000-$62,500 support after Bitcoin again failed to hold above $65,000.
Bitcoin Whale Sales
A wallet linked to Paxos sold another 800 BTC, worth about $50.72M, through market maker Wintermute. The transaction extended a steady distribution pattern rather than a single large liquidation. The wallet has not fully exited its Bitcoin position, leaving additional supply as a factor traders may continue to watch.
The same wallet has now sold 2,500 BTC over roughly two months, with the combined transactions valued near $154M. Bitcoin remained around $63,500 after the latest sale, down about 0.6% over 24 hours and still below the $65,000 area that has repeatedly stopped rallies this month.
Market data showed BTC continuing to consolidate inside a $62,000-$66,000 range instead of establishing a clear trend. Thin spot activity and compressed volatility have left traders focused on whether current support can absorb the continuing supply.
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Ted Pillows Outlook
Crypto analyst Ted Pillows said Bitcoin’s momentum was “fading” after another failure to hold above $65,000, despite gains in stocks and metals. He identified $62,000-$62,500 as the immediate support area, while a deeper decline could bring the $60,500-$61,000 zone into play.
Technical levels from CoinLore placed support at $62,238 and resistance at $65,059, with an expected 24-hour range of $62,388-$64,832.
A move above resistance could improve the short-term setup, while a break below support would strengthen the case for another leg lower.
The bullish scenario requires BTC to reclaim resistance, while continued range trading remains the base case as the market absorbs whale supply.
The broader pattern remains one of consolidation. Bitcoin has traded largely between $62,000 and $66,000 since the July CPI release, repeatedly failing near $65,000 as volatility narrowed, leaving the range boundaries as the clearest signals for the next directional move.
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