As the price fell, the "big whales" in the cryptocurrency world took the opportunity to quietly hoard 5,900 bitcoins from centralized exchanges (CEX), with a total value of up to $397 million. This wave of operations directly pushed up BTC's trading volume by 65%, and the market activity was very high.

Speaking of which, the actions taken by the US government on July 29 were quite shocking. It directly transferred $2 billion worth of Bitcoin to a new wallet. The entire crypto circle was in an uproar, and the market reaction was intense.

Look at the price of BTC, which was almost at $66,520 at the time, but it dropped 4.6% in one day. But interestingly, this drop actually stimulated everyone's buying enthusiasm, and the trading volume soared by 65%, as if everyone was waiting to "buy at the bottom."

Speaking of "bottom fishing", those "whales" were really bold, taking advantage of the low price to grab 5,900 BTC from CEX in one go, worth $397 million. In particular, a big guy named "12QVs" withdrew 4,500 BTC from Binance, with an average unit price of $67,298, which was a big deal.

Technical analysts are also busy, saying that BTC is now on the decline, and there is resistance above. From historical experience, every time it reaches this position, it has to fall. If the market sentiment remains so depressed, BTC may slide below $63,350.

However, if BTC can break through this resistance and reach the $71,800 mark, that would be amazing, and the bears would probably cry their eyes out.

Let's take a look at the recent liquidation levels, a high of $70,330 and a low of $63,800. If it really falls to $63,800, the long positions worth $3.2 billion will suffer. Conversely, if it rises, the shorts will also suffer heavy losses.

The open interest of Bitcoin futures contracts also fell by 6% along with market sentiment. It seems that everyone is a little cautious at the moment.