Bitcoin is trading near $64,700 as traders watch the $65,000 resistance zone and a fresh transfer from a Bhutan-linked wallet. The Royal Government of Bhutan moved 300 BTC, worth about $19.3 million, to a new wallet.

The transaction does not confirm a sale. Still, previous government-linked transfers have drawn attention to large Bitcoin movements. At the same time, VanEck said Bitcoin’s prolonged correction may be moving closer to an accumulation phase, while ETF demand has picked up even as long-term holders continue to trim balances.

Bhutan moves 300 BTC to a new wallet

A wallet linked to the Royal Government of Bhutan transferred 300 Bitcoin to a newly created address. The coins were worth roughly $19.3 million at the time of the transaction. On-chain tracker Lookonchain identified the move, bringing Bhutan’s Bitcoin activity back into focus.

The transfer by itself does not show that the government sold the coins. Bitcoin holders often move assets between wallets for custody, security, or internal management. Even so, traders have been watching Bhutan-linked wallets closely after earlier transfers sent Bitcoin toward exchanges.

Government-linked wallets sold more than $43 million in Bitcoin during early July, according to previous on-chain reports.

That earlier activity came as Bitcoin recovered above $62,000. Another large transfer near resistance has therefore drawn interest from traders monitoring available market supply.

Bitcoin tests the $65,000 resistance zone

Bitcoin is trading around $64,700 after spending much of recent trading between roughly $58,000 and $66,500. That places the price close to a key resistance area between $63,000 and $65,000.

On-chain analyst Ali Martinez identified $63,111 as a major cost-basis level for Bitcoin holders. Around 623,000 BTC previously changed hands near that level. Some holders may decide to sell as Bitcoin approaches their entry prices again, adding supply near resistance.

Bitcoin miners have also trimmed holdings. Martinez said miners sold about 1,648 BTC over the previous ten days. That selling adds another source of supply while Bitcoin tests the upper end of its recent range.

A sustained move above $65,000 could shift attention toward the recent range high near $66,500. If the resistance zone holds, BTC could remain inside its current trading range.

VanEck sees capitulation signals building

VanEck researchers said Bitcoin may be nearing the final stage of an almost 11-month correction. Eight of the 12 indicators in the firm’s Bitcoin Capitulation Check are currently in capitulation territory.

All 12 indicators entered those zones at some point during the previous three months. VanEck researchers Patrick Bush and Matthew Sigel said the readings point to price capitulation and a possible shift into accumulation.

Bitcoin is still trading about 48% below its October 2025 record near $126,300. According to VanEck, previous Bitcoin bear-market phases took an average of 12.7 months from their peaks to maximum drawdowns.

That historical pattern places September through November within a possible transition period. VanEck also cautioned that capitulation readings have not consistently produced stronger short-term returns in past market cycles.

ETF demand rises as long-term holders sell

Institutional demand has strengthened as Bitcoin approaches the $65,000 resistance level. U.S. spot Bitcoin ETFs recorded nearly $300 million in net inflows on Monday, their strongest daily inflow since May 5.

The renewed ETF demand comes as long-term holders continue to reduce their Bitcoin balances. Investors holding Bitcoin for more than one year sold or moved about 356,000 BTC over the past month. Their combined holdings fell to 11.84 million BTC.

That decline pushed long-term holders’ share of circulating Bitcoin supply below 60%. The result is a mixed setup, with ETF inflows absorbing supply while older holders reduce exposure.

For the near-term Bitcoin price prediction, $65,000 remains the key level to watch. A confirmed break could open a move toward $66,500. A rejection, however, could keep BTC within its recent range.