Whales Drive Bitcoin Price Higher Amid Descending Channel
Bitcoin's price has been on an upward trend after rebounding from $62,000 a few days ago. However, it remains within a broader descending channel and is struggling to break out of it.
The cryptocurrency hovered around $64,903 at press time, up 1.6% daily and 3% over the past week. Whales appeared to be supporting Bitcoin's price by buying large quantities of $BTC.
CryptoQuant's Spot Average Order Size showed that whale orders were concentrated between $63,000 and $64,000, making these prices key support zones for whales. The Exchange Whale Ratio declined from 0.4 to 0.36, indicating that whales accounted for a smaller share of exchange inflows.
The Whale Buying Activity indicator recorded net buying for five consecutive days, with the largest buy volume on August 8th reaching 831 $BTC and an average buy volume of 3,308 $BTC. This suggests that large holders are increasingly confident in Bitcoin's recovery.