Bitcoin currently remains strong above the $65,000 level after a period of high volatility and bullish sentiment. This stability in prices comes amid major developments in the market. Key data from Santiment reveals a notable increase in Bitcoin whale activity over the past two weeks, indicating that major investors are accumulating Bitcoin.
Conversely, the data also highlights a shrinking pool of retail investors, indicating a shift in market dynamics. This combination of factors indicates an ongoing accumulation phase, where whales are accumulating their positions while small investors appear to be pulling back.
The growing presence of these large holders often signals confidence in future price increases, reinforcing the idea that Bitcoin is building strength ahead of a potential breakout.
As the market develops, this trend suggests that Bitcoin may be poised for a big move in the coming weeks. With the bullish sentiment persisting and the accumulation phase underway, analysts and investors remain optimistic about Bitcoin’s potential path, looking for signs that could confirm the next phase of its upward journey.
Bitcoin accumulation is about to end
Bitcoin has been in an accumulation phase since March, marking one of the longest periods of consolidation in its history. This period of relative price stability may soon end, as recent moves by smart money indicate a major shift is on the horizon.
Basic data from Santiment was shared on X It reveals that the wallets of Bitcoin whales – those holding 100 BTC or more – have increased by 297 wallets (+1.9%) in just the past two weeks. This rise highlights growing confidence among major investors as they strategically accumulate more Bitcoin.
Conversely, the number of wallets holding less than 100 BTC decreased by 20,629 wallets (-0.1%) during the same time frame. This decline indicates that small individual investors may exit the market due to recent volatility or take profits.
The actions of these large stakeholders are crucial, as their accumulation often indicates a bullish outlook for future Bitcoin price movements. When whales increase their holdings, it usually precedes an upward price movement.
As the smart money continues to collect coins from retail traders who are selling, the balance of supply and demand may tilt in favor of the breakout. The confluence of increased whale activity and decreased retail participation suggests that Bitcoin is poised for a big move. As the market develops, all eyes are on whether this accumulation phase will culminate in a bullish rally, further cementing Bitcoin’s place in the broader cryptocurrency landscape.
Bitcoin price movement
Bitcoin has been navigating a volatile environment since hitting a local high of $69,500. Currently trading at $67,500, BTC has established a strong support level at $65,000, which is crucial to maintaining bullish sentiment in the market. A breakout above the $70,000 mark is essential for the bulls to keep the momentum alive. This breakout could signal a renewed push toward all-time highs and attract more buying pressure.
However, if BTC opts for a sideways consolidation between $65,000 and $70,000, this could provide the fuel needed for the next move higher. This consolidation phase would allow the market to build liquidity and strengthen support levels, reducing the possibility of a sudden pullback. Analysts are watching these price levels closely, as maintaining above $65,000 while preparing for a break above $70,000 could pave the way for a significant upward move.
The interplay between support and resistance in this range will be pivotal. Traders and investors alike remain optimistic, hoping that this period of consolidation will lead to a strong rally that takes Bitcoin to new heights in the coming weeks.
Featured image by Dall-E, chart from TradingView