Bitcoin price is facing renewed selling pressure after its recent rally toward $81,500, with smaller holders reducing exposure while larger Bitcoin wallets continue accumulating.
Bitcoin (BTC) is trading around $77,671 at the latest reading, with a 24-hour trading volume of roughly $77.15 billion and a market capitalization of about $1.56 trillion. BTC dominance was seen around 59.62%, with the asset down around 2.06% in the last 24 hours.
Also Read | Bitcoin’s $81,000 Resistance Sets 1 Key Test in This Cycle
Bitcoin Price Rises as Whales Continue Accumulating
The most recent on-chain data revealed a notable divergence between retail and whale Bitcoin investors. According to a recent post by crypto analyst Ali Charts, Bitcoin price rose by about 31% from $62,229 on Aug 1 to $81,500 over its latest rally.
However, wallets containing between 0.1 and 1 BTC had an Accumulation Trend Score of -0.982, suggesting significant distribution activity among these investors. On the other hand, wallets containing at least 100 BTC were reported to be accumulating.
Such a difference is noteworthy since it means that Bitcoin’s latest rally is not being driven equally across all holders.
As mentioned previously, whale Bitcoin holders have shown such actions amid market weakness. Analysis showed that wallets containing more than 10,000 BTC increased their holdings by 46,420 BTC in 60 days.
Bitcoin Eyes Recovery Toward $78,000
Another factor supporting Bitcoin’s latest rally has been strong institutional demand for the digital currency. U.S. spot Bitcoin ETFs attracted around $2.5 billion over seven trading sessions up until August 27, which marked the strongest period for their inflows since October, according to Dow Jones Market Data.
However, the short-term technical picture has weakened. Bitcoin recently slipped below the $76,449 range support, according to the cited 30-minute chart setup.
A continued move below that level could expose BTC to $74,000 first, followed by the $70,000-$71,200 order-block area. This would represent a deeper pullback from the recent $81,500 high rather than necessarily ending the broader recovery.
The key level for bulls is now $77,184. A 30-minute close above this threshold could help Bitcoin price reclaim the broken range and reopen a move toward $78,000 and potentially higher levels.
Bitcoin previously pushed above $80,000 on August 25, reaching around $81,238 before retreating, showing that the $80,000-$82,000 region remains an important resistance area.
If Bitcoin holds above $74,000 and eventually recovers $77,184, buyers could regain control. A sustained break below support, could send BTC toward the $70,000-$71,200 zone before another attempt at recovery.
Also Read | Lazarus Group Bitcoin Wallets Stir Again With $19.4M Move
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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