Whales Bulk Up on Bitcoin as Smaller Holders Sell
Bitcoin's large wallets have been accumulating more of the cryptocurrency since August 1. According to data from CryptQuant, between August 1 and August 30, these whales added 60,000 BTC to their holdings.
This increase in accumulation by whales comes as smaller holders were net sellers of 47,000 BTC during the same period. Meanwhile, addresses holding between 1-100 BTC shed 33,000 BTC, while sub-1 BTC wallets dumped 14,000 BTC.
The price of Bitcoin currently holds above its EMA50 at $77581.25 and well clear of the EMA200 at $71359.02. The MACD golden cross at 41.22 indicates momentum is intact, but the RSI at 47.67 suggests there's still room for further growth before reaching overbought territory.
Any test of upper Bollinger resistance at $79096.62 could potentially meet a pullback toward the $77581.25 EMA50 confluence before continuation.