Bitcoin Whales Pull a U-Turn: The Massive Move Pushing Price to $65,700 Has Begun

Bitcoin (BTC) whales have shifted from selling pressure to aggressive buying, bringing the price back to the $65,700 level.

The pressure on Bitcoin (BTC) prices in the crypto market has given way to a strong recovery as large investors changed strategies. Following a wave of heavy selling that began in early June, whales have regained control by absorbing panic selling in the market. On-chain data indicates that sales from long-dormant wallets have almost completely stopped, and major investors have moved back into accumulation mode.

In early June, Bitcoin fell from the $71,300 level to $63,800, shaken by the impact of old coins entering exchanges. However, when the price reached its local bottom at the $61,400 band, whales stepped in to absorb all the selling pressure. During this period, more than 11,400 Bitcoin (BTC), worth approximately $700 million, were withdrawn from exchanges to cold wallets. The whale ratio on exchanges surged to 62.3%, proving the appetite of major players for bottom-fishing.

Critical U-Turn from Bitcoin Whales

As of June 14, the 12-day declining streak in whale supply officially ended, and the data performed an upward “U-turn.” The return to accumulation by wallets holding 100 or more BTC triggered a significant supply shock in the market, causing the price to climb to the $65,704 level. Dwindling exchange reserves and drying-up sales have largely removed the obstacles for Bitcoin’s upward movement.

Analysis shows that this transfer of wealth from weak hands to strong hands is complete. The range between $60,000 and $61,500, in particular, has now become a rock-solid support level due to heavy whale buying. The current on-chain picture confirms that selling exhaustion in the market has ended and that the path of least resistance for Bitcoin is now upward.