After rebounding from around $57,650, Bitcoin's price has recovered somewhat, but it has yet to effectively break through $65,500. On-chain data also shows that large-scale holders continue to increase their positions, while smaller addresses have slowed their buying activity, shifting market focus to whether the key resistance level can be broken.

Whales increased their holdings by 19,696 BTC in 8 days.

Santiment data shows that addresses holding between 10 and 10,000 BTC have collectively added 19,696 BTC in the past eight days. This increase occurred during a period when BTC repeatedly failed to break through $65,500, indicating that large sums of money are still continuously supporting the market within the trading range.

Conversely, buying activity from small addresses holding less than 0.01 BTC decreased. The article concludes that institutional and high-net-worth investors maintain a strong willingness to participate, while retail investors are relatively cautious.

$65,500 remains a short-term resistance level.

From a technical perspective, after finding support around $57,650, Bitcoin has seen its lows rise steadily, but the price is still below the downtrend line, and the short-term structure has not yet fully strengthened.

If the daily chart effectively closes above $65,500, the next major resistance level will be around $67,245. If buying pressure continues to strengthen, the price could further test the $70,209 and $73,174 areas.

The first support level to watch is $63,578.

If Bitcoin fails to break through $65,500, it may continue its consolidation pattern. The first support level to watch is $63,578; a break below this level could see a retest of $59,069.

The next support level, $57,650, is a key support level for this rebound. In terms of indicators, the RSI is still hovering around 50, indicating a temporary balance between bullish and bearish forces; the CVD is flat, suggesting that support from spot buying for this rebound still needs to be strengthened.