Bitcoin Rebounds to $65,420 on July 20 as Whales Accumulate 66,700 BTC

According to Bitcoin.com News and Cryptoquant data, Bitcoin rebounded to $65,420 on July 20, recovering more than 3% from a low of $63,706 reached on July 17 as U.S. stocks sold off amid Middle East escalation. Bitcoin's market cap approached $1.313 trillion. Large holders accumulated approximately 66,700 BTC over the past 60 days, while short liquidations around $45 million and a bullish MACD crossover fueled the bounce. Bitcoin held above its 200-week moving average for a third consecutive week, marking the strongest weekly close in five weeks.

The Iran war intensified volatility, with U.S. airstrikes now in their ninth day against Iranian ports and infrastructure. Oil prices spiked on renewed Middle East tensions and a reimposed naval blockade, pressuring risk assets lower on July 17 before buyers stepped in. Traders now watch $67,200 as near-term resistance, with $63,000-$64,800 support and a potential $58,000-$64,800 range marking cycle lows if the conflict escalates further.