Bitcoin Tests Support Amid Macro Headwinds and Whale Accumulation
Bitcoin's price opened September in negative territory, breaking below $78,000 after a nearly 25% appreciation in August. The macroeconomic context is a major headwind for risk assets, with high-impact events including a potential Federal Reserve rate hike and rising inflation expectations.
The increase in opportunity cost and dollar strength has historically exerted downward pressure on Bitcoin's price, making it more difficult for the asset to compete with bond yields. However, on-chain analysis reveals aggressive accumulation by whales, with addresses holding 100-1,000 BTC accumulating over 73,000 BTC in the last 60 days.
The steady decline in BTC reserves on exchanges is also a technical indicator of strength, removing immediate selling pressure. Nevertheless, a significant divergence is observed in retail behavior, with addresses having balances below 1 BTC reducing their holdings and recording net outflows.