Bitcoin whales accumulated over $2.9 billion in BTC over the past 60 days, according to a Bloomberg report. This massive buying spree coincided with market volatility that temporarily depressed prices, before Bitcoin ultimately rebounded and broke through the $65,000 level on August 18, 2026 - a direct bounce from this week’s lows.
Observing this accumulation pace, Cameron Winklevoss weighed in. The co-founder of the Gemini crypto exchange bluntly described the recent market correction as an “unprecedented moment to buy.” Winklevoss’s statement underscores his position that the current price pressure actually opens a rare window of opportunity for long-term buyers.
Two Divergent Moves
However, the optimism of the whales was not shared by all large entities. While institutional wallets continued to absorb Bitcoin from circulation, the government of Bhutan took the opposite direction. Just two hours before the report on whale accumulation was published, Bhutanese authorities moved 300 BTC worth $19.28 million to a new crypto wallet.
This transfer immediately caught the market’s attention. Moving such a large amount of funds from a state entity’s wallet to an unknown address is often interpreted as early preparation for liquidating assets on open exchanges. This shows that amid the confidence of industry executives, some large-scale Bitcoin holders prefer to secure their cash profits.
A Test for Buyers at the Resistance Line
From the perspective of technical movement, Bitcoin’s path to further gains still faces a barrier. The price is currently held just below the 50-month Exponential Moving Average (EMA), which forms a strong resistance line at $65,827. As long as this level is not breached and sustained, the market remains vulnerable to a pullback.
Analysis from Cointelegraph highlights a specific hurdle weighing on the price: the presence of investors whose positions are still “underwater.” These earlier buyers who entered at the peak could potentially act as sudden sellers once the price reaches their initial investment, thereby adding to the supply burden that must be absorbed by new buyers.
Despite being blocked by supply pressure and the EMA limit, traders believe that the path upward remains open. They target the price to run up to $76,000, as long as the current rebound momentum can be maintained. The market is now simply pitting the endurance of institutions buying cheap against legacy holders needing a quick exit.
As reported by @WatcherGuru on X.
Read also: What Is Bitcoin Halving?
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
