Bitcoin (BTC) is officially back in the accumulation phase, the latest data shows, as analysts are eying an imminent price breakout. Could this help Bitcoin price recover above $66,000 by September?
Bitcoin long-term holders are accumulating again
Bitcoin's long-term holder accumulation rate has reached a 15-month highs, according to popular analyst On-Chain College, who wrote in an Aug. 15 X post:
“#Bitcoin Long-Term Holders are back to accumulating at levels that we haven't seen since May 2023”
Bitcoin holders have shifted back to accumulating over the past month, according to an Aug. 15 X post by Glassnode, which wrote:
“The Accumulation Trend Score indicates a market shift back to accumulation, with the ATS reaching its maximum value of 1.0, signaling significant accumulation over the past month.”
The Accumulation Trend Score (ATS) is a heatmap used to analyze market behavior based on different Bitcoin holder cohorts.
Moreover, 25% of the total Bitcoin supply was acquired between the $58,000 - $73,000 price range, noted Axel Adler, a verified CryptoQuant author, in an Aug. 16 X post:
“25% of the total available Bitcoin supply was purchased at the price level of $73-58K. This represents a quarter of the total Bitcoin market capitalization, approximately $300 billion.”
Related: Key Bitcoin bull signal flashes for first time in nearly 2 years, hinting at 2x price surge
Can Bitcoin reach $66K by September?
Despite the continued accumulation, Bitcoin fell below $58,000 on Aug. 16 after losing 4.2% over the past week.
However, according to technical analyst Titan of Crypto, Bitcoin could still be on track to $66,000 by September based on historical post-halving chart patterns.
The analyst wrote in an Aug. 15 X post:
“Historically, the 4th month after the halving has always been bullish for #BTC, closing above the halving price. If this pattern repeats, September could be a bullish month above $66,000.”
However, according to popular analyst Rekt Capital, Bitcoin's price first needs to overcome a significant resistance of around $61,700. The analyst wrote in an Aug. 14 X post:
“Notice how the local highs of ~$61700 (black) are acting as resistance. Interestingly, BTC is consolidating between the late June wedge highs (~$62,000 black) which are back to figuring as resistance and the early July wedge highs ($58,280) which are now acting as support.”
The next significant resistance is now down to $59,000. According to Coinglass data, a potential move above would liquidate over $700 million worth of cumulative leveraged short positions.
Short Bitcoin liquidations would surpass $1 billion if Bitcoin’s price rose above $59,300.
Related: Institutional adoption of Bitcoin ETFs surges 27% in Q2
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
