Bitcoin trades at $63,500, down 0.6% on the day, unable to break through the $65,000 resistance level that has capped every rally attempt this month. A wallet tied to Paxos offloaded another 800 BTC (approximately $50.72M) through Wintermute, bringing its total sales to 2,500 BTC over two months, worth nearly $154M. Analyst Ted Pillows notes that BTC failed to hold above $65,000 and points to $60,500-$61,000 as the next likely test zone. Immediate support sits at $62,238 and resistance at $65,059, with the market consolidating in the $62,000-$66,000 range since the July CPI release. The combination of steady whale distribution and thinning spot volume creates a setup that punishes complacent longs.
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