Bitcoin Whales Buoy Price as Market Awaits Breakout from Descending Channel

Bitcoin's price has been trending upward after rebounding from $62,000 a few days ago, but it remains inside a broader descending channel. The price is currently near $64,903, up 1.6% daily and 3% over the past week.

The activity of Bitcoin whales appears to be supporting the price. According to CryptoQuant's Spot Average Order Size, large whale orders are concentrated between $63,000 and $64,000, making these prices key zones for whale accumulation.

Lookonchain reported that a newly created wallet received 1,346 BTC worth $87.28 million, with 614.95 BTC coming from Galaxy Digital. This activity suggests growing conviction among large holders as Bitcoin's upside momentum strengthens.

The Exchange Whale Ratio has declined from 0.4 to 0.36, indicating that whales account for a smaller share of exchange inflows. Meanwhile, the Whale Buying Activity indicator shows net buying for five consecutive days, with the highest daily buy volume reaching 831 BTC on August 8th and an average daily buy volume of 3,308 BTC.

While whale activity is supporting the price, small-scale spot trades are weighing on the market. Exchange Netflow remains positive, but at a lower level than before, suggesting potential selling pressure. The ADX with the SMA indicator shows a bullish +DI crossover, but the bulls' edge is still slight.