Bitcoin quickly recovered the $65,600 to $66,000 range early this week after falling to around $60,000, as buying by whale investors flowed in.

On June 15 (local time), blockchain outlet U.Today reported that during the downturn retail investors stayed on the sidelines ahead of a possible retest of the February low, while whales accumulated bitcoin aggressively at lower prices.

The market move was also seen in on-chain indicators. In a bitcoin market review by analytics firm Glassnode, the cumulative trend score, which reflects wallet size and the pace of balance growth, rebounded sharply toward its peak of 1. In early June, signals showed heavy accumulation across the board, from small wallets to institution-scale whale wallets.

Glassnode viewed this as a typical buy-the-dip structure. A falling price ran into a wall of incoming demand, and investors not only prevented further selling but absorbed a large amount of supply offered to the market. The drop appeared to draw new demand rather than fuel additional selling.

Fund flows also supported the rebound. Spot bitcoin exchange-traded funds recorded net inflows of $85.85 million last Friday. It said investor sentiment revived as traditional finance money was added to on-chain buying. Easing geopolitical tensions and the possibility of an official U.S.-Iran ceasefire agreement on June 19 were also cited as factors lifting risk appetite.

The trend weighed on investors betting on declines. Short positions grew on expectations of further losses after bitcoin slid to around $60,000, but an inflow of buying later provided a footing for a rebound, the analysis said. It was interpreted as buying pressure outweighing selling pressure as an internal network supply shortage coincided with external inflows.

The market is now looking to the next price band. Based on past distribution ranges, Glassnode suggested $69,000 to $70,000 as bitcoin’s nearest resistance. It said that if bitcoin breaks above and holds the current price area of $66,610, the next technical barrier could be $68,155, the Fibonacci 0.382 level.

Whether the rebound continues is expected to hinge on holding the $66,000 range and then breaking above the $68,000 range. The $70,000 level is an area where profit-taking was concentrated in the past, and if bitcoin recovers to that range, buying could face another test.

The rebound has drawn attention because large investors’ accumulation moved first rather than retail. With on-chain indicators and ETF inflows pointing in the same direction, a key signal has been that momentum behind the price rebound is being confirmed both inside and outside the network.