Bitcoin whales — large holders of the cryptocurrency — are intensifying their accumulation efforts, buying significantly more BTC than what’s being produced daily by miners. According to recent on-chain data from Glassnode, wallets holding between 100 and 1,000 BTC are acquiring over 300% of Bitcoin’s daily mined supply.
In parallel, centralized exchanges are observing a notable decline in Bitcoin balances. This trend strongly indicates that investors are moving their holdings off exchanges and into long-term storage, a behavior typically associated with growing confidence in Bitcoin’s long-term value and a reduced likelihood of short-term selling.
Technical Analysis and Market Behavior
Currently, Bitcoin is trading within a narrow price corridor between $75,000 and $85,000. These levels coincide with important technical indicators — namely, the 50-day and 200-day exponential moving averages — which analysts place near $85,500. If Bitcoin is unable to break through this resistance, it may experience a retracement toward support around the $80,000 mark.
The present price action follows a nearly 30% correction over the last three months, retreating from early highs close to $100,000. Historical data suggests that such corrections commonly occur in bull markets and often set the stage for continued upward movement.
Key Factors Supporting a Breakout
- Restricted volatility in recent trading sessions
- Consistent outflow of BTC from exchanges
- Strong accumulation by wallets holding significant amounts of Bitcoin
These conditions could be setting the stage for an upward breakout, contingent on whether Bitcoin can successfully overcome its current resistance levels in the coming weeks.
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