🐋 BITCOIN WHALE ACTIVITY AT 9-YEAR HIGH: IS BTC BOTTOMING? 📉🔮
Bitcoin whale activity has surged to its highest level in nearly a decade, mirroring the patterns observed when BTC was trading around $220 in 2015. 📊💰
📈 WHALING OUT OF EXCHANGES: In July, Bitcoin whales—addresses holding over 1,000 BTC (~$64 million)—moved a staggering 84,000 BTC off exchanges. This represents the fastest rate of movement since 2015, marking a significant shift in whale behavior. According to Glassnode, this is the largest net outflow from exchanges since September 2015. 📉🚀
📊 WHALE ACCUMULATION: Whale addresses have been on a buying spree, adding an average of 100,000 BTC weekly. CryptoQuant CEO Ki Young Ju highlights that whale wallets have accumulated 1.45 million BTC this year alone, compared to 70,000 BTC in 2021. As of August 1, 1,651 whale addresses now hold at least 1,000 BTC, up from 1,498 at the start of 2024. 🏦🔍
🔍 IS BTC BOTTOMING?: Analysts suggest that Bitcoin may have found a new local bottom above the $63,000 mark. Crypto analyst Elja posits that BTC is poised for a rally, signaling the potential for substantial gains. Additionally, Bitcoin's bullish monthly close above $61,600 is seen as a positive indicator by trader Titan of Crypto. 📈🔝
📉 POTENTIAL FOR RANGEBOUND MOVEMENT: Despite the positive signals, Bitcoin faced resistance at the $70,000 level. Analyst Rekt Capital forecasts a possible rangebound market until September, with key support levels at $63,000 and $57,000 to watch for a potential rebound. 📊🔒
As whale activity ramps up and BTC shows signs of stabilizing, the coming months could be pivotal for Bitcoin's next move. Stay tuned with @Professor Mende - Bonuz Ecosystem Founder for what could be an exciting period ahead! 🌟📅
