Bitcoin’s price has been bouncing around lately, neither soaring to new highs nor crashing. It’s a stalemate, but something interesting is happening behind the scenes.
Whales Are Accumulating
Big Bitcoin holders (those with 100-1000 BTC, often called “sharks”) have been quietly buying up a massive amount of Bitcoin – 65,000 BTC in just one week! This brings their total holdings to a record 3.65 million BTC. This is huge, especially considering the price hasn’t moved much. It suggests that these large players are confident in Bitcoin’s future and are preparing for a price surge.
On-Chain Data Confirms the Trend
Data from the blockchain itself supports this idea. Two key indicators show strong, long-term buying:
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Long-Term Holder (LTH) Net Position Change: This shows experienced Bitcoin holders are accumulating, not selling. This kind of accumulation usually happens before big price increases.
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Exchange Netflow:
More Bitcoin is leaving exchanges than entering. This means people are moving their Bitcoin to cold storage (like a personal wallet), suggesting they aren’t planning to sell anytime soon.
All this points to a potential supply squeeze. Less Bitcoin available to trade means prices could go up.
Price Action: A Quiet Consolidation
Bitcoin is currently trading around $115,000, recovering from a dip earlier in September. The charts are looking pretty good:
- Key support levels are holding.
- The 50-day and 100-day moving averages are providing support.
- The next resistance level is around $116,000-$118,000. Breaking through this could lead to a move towards $123,000.
While short-term price dips are always possible, the overall picture suggests Bitcoin is poised for another significant price increase. The groundwork is being laid for the next bull run.