Bitcoin continued to trade near $65,900 on Wednesday despite escalating tensions between the US and Iran. President Donald Trump's announcement of fresh strikes on Iran's Pickaxe Mountain nuclear site did not deter Bitcoin from holding above the $65,000 level.
The price briefly touched an intraday high of $66,872 but remained steady near $65,919 as regional attacks spread to Bahrain, Kuwait, and Jordan. Traders are now monitoring whether sustained institutional demand can protect Bitcoin from a potential risk-off move.
According to CryptoQuant data, large holders have been accumulating more than 270,000 BTC during a two-week period earlier in July, while whales added about 48,000 coins over the past month. The combined balance of wallets holding between 1,000 and 10,000 BTC reached around 3.09 million BTC.
Bitcoin's momentum indicators still favor buyers as the price remains within a rising channel on the four-hour chart. However, traders need a confirmed close above $66,956 to signal a move towards $69,116. A fall below $65,000 would shift attention back to $63,458.