$BTC has spent the past few weeks moving between the $60k and $65k range, but the more interesting story isn't on the chart alone.

On chain data continues to show long term holders adding to their positions even as price struggles to reclaim the top of the range. Since June, they've absorbed well over 120k BTC, yet we've still not seen a convincing breakout above $65k.
To me, that looks more like steady accumulation than distribution.
The key level I'm watching is $65k. A clean break above it could shift sentiment quickly, while continued acceptance around the lower end of the range would suggest buyers are still comfortable absorbing supply. As long as realized price continues trending beneath spot and accumulation addresses remain active, I don't see this as panic selling.
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