Bitcoin Price Prediction as Bhutan Shifts 300 BTC Near $65K Resistance

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

The transaction does not confirm a sale. However, previous government-linked transfers have increased attention around large Bitcoin movements. Meanwhile, VanEck sees signs that Bitcoin’s prolonged correction may be moving closer to an accumulation phase.

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 carried a value of roughly $19.3 million when the transaction occurred. On-chain tracker Lookonchain identified the movement, bringing Bhutan’s Bitcoin activity back into focus.

The transfer alone does not prove that the government sold the coins. Bitcoin holders frequently move assets between wallets for custody, security, or internal management. Still, traders closely monitor Bhutan-linked wallets 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. As a result, another large transfer near resistance has attracted attention from traders watching available market supply.

Bitcoin Price Tests the $65K Resistance Zone

Bitcoin trades around $64,700 after spending much of recent trading between roughly $58,000 and $66,500. The current range places the price close to an important 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 price. Some holders may choose to sell as Bitcoin returns toward their entry levels, adding supply near resistance.

Bitcoin miners have also reduced their holdings. Martinez reported that miners sold about 1,648 BTC over the previous ten days. Miner selling adds another source of supply while Bitcoin price 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. Failure to clear the resistance zone could keep Bitcoin trading inside its established range.

VanEck Sees Capitulation Signals Building

VanEck researchers say Bitcoin may approach the final stage of an almost 11-month correction. Eight of the 12 indicators in the firm’s Bitcoin Capitulation Check currently sit inside their capitulation zones.

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 toward price capitulation and a possible transition into accumulation.

Bitcoin’s price still trades about 48% below its October 2025 record near $126,300. Previous Bitcoin bear-market phases took an average of 12.7 months from their peaks to maximum drawdowns, according to VanEck.

That historical timeline places September through November within a potential transition period. VanEck cautioned that capitulation readings have not consistently produced stronger short-term returns during previous market cycles.

ETF Demand Meets Long-Term Holder Selling

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. This marks their strongest daily inflow since May 5.

The renewed ETF demand comes as long-term holders reduce their Bitcoin balances. Investors holding Bitcoin for more than one year sold or moved roughly 356,000 BTC during 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 shift creates a mixed setup as ETF inflows absorb supply while older holders reduce exposure.

For the near-term Bitcoin price prediction, $65,000 remains the main level to watch. A confirmed break could open a move toward $66,500. On the other hand, rejection may keep BTC inside its recent range.