Bitcoin Stuck in Sideways Trend as Whales Accumulate
Bitcoin's price action has been stuck in a sideways trend for over two months, trading between $57,500 and $67,300. This horizontal channel has narrowed into a triangular structure since July 2023, with declining trading volume.
The analyst Brandt plotted a technical analysis of Bitcoin's price action from March 2025, showing an ascending channel before a sharp decline in May. Despite multiple attempts to recover its bullish momentum, Bitcoin has struggled to do so.
Brandt notes that the current trend does not favor the bulls and remains cautious, stating 'I'm not in the bet yet.' He highlights that this is why there's a huge amount of negative positioning in the futures market. However, he also points out that the basis trade did not pressure Bitcoin's price in 2025 when it surged from $75,000 to $125,000.
The 60-day accumulation vs. distribution by cohort data shows addresses holding more than 10,000 BTC recorded a net accumulation of 46,420 BTC on August 9, nearly double the peak recorded in mid-March. This boost in accumulation points to significant activity among large holders.