Bitcoin Holds Near $78K as Major Holders Accumulate During Correction

Bitcoin's price has retreated to around $78,000 after reaching its three-month peak of $81,500 earlier in the week.

The cryptocurrency still managed to post a significant gain of approximately 31% since its August 1 price point of $62,229.

Despite the recent correction, large holders are building positions, while smaller wallets continue to sell. Critical support sits at $73,880, a breakdown below this threshold could threaten the ongoing rally.

Coinbase's CEO Brian Armstrong believes Bitcoin has a strong chance of reaching $100,000 before year-end, citing both technical chart analysis and MVRV band projections as supportive factors.