ended the month of August on a sad note due to its decline to around $25,000 on August 31st.
- According to a recent post by IntoTheBlock, addresses holding 0.1% of Bitcoin’s supply added over $1.5 billion to their BTC holdings.
- Whales holding 1,000 – 10,000 (yellow) BTC reduced their balances and witnessed a decline. As of September 1st, these holders only had 24.09% of BTC.
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Bitcoin Starts September on a Bad Note, but Recovery May Not Be Far Away; Whales Accumulating BTC!
Bitcoin Trading Below $26,000
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Bitcoin ended the month of August on a sad note due to its decline to around $25,000. Additionally, the king of cryptocurrencies didn’t make a particularly positive move on price charts at the time of writing. It is trading at $25,860 and current data shows a 0.58% decrease in the past seven days.
Despite the recent decline in BTC, there has been some accumulation among retail investors. According to a recent post by IntoTheBlock, addresses holding 0.1% of Bitcoin’s supply added over $1.5 billion to their BTC holdings. This occurred in the past two weeks.
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Despite this positive news from the retail segment, some BTC whales had a different outlook.
Although this demand from the retail segment may seem like good news, some whale holders had a slightly different outlook. As can be seen from the chart below, whales holding between 10,000 and 100,000 BTC reduced their holdings between August 27th and 29th. However, there was an improvement in their holdings on August 31st.
In addition, whales holding 1,000 – 10,000 (yellow) BTC reduced their balances and witnessed a decline. As of September 1st, these holders only had 24.09% of BTC.
Is There a Problem with BTC?
Data obtained from the on-chain intelligence platform showed a noticeable decrease in BTC’s weighted sentiment on August 29th. It was at a level of 1.38 at the time of writing, indicating that investors didn’t think Bitcoin was ready for a rise.
However, BTC’s social dominance painted a different picture. Despite recent events causing a decline in BTC’s social dominance, it was observed to recover during the time of writing. Can this recovery be considered an indicator of growing dominance on the social front?
However, will the increased interest on the social front translate into momentum on the price front? Let’s see.
Some Hopes on the Price Front
If BTC’s price movement has disappointed many traders, relief may be on the way. During the time of writing, BTC’s Moving Average Convergence Divergence (MACD) showed a bullish cross. This can be considered a bullish sign. To boost sentiment, BTC’s Awesome Oscillator (AO) also flashed green, although it was below the zero line.
However, BTC’s Relative Strength Index (RSI) remained well below the neutral line. This clearly indicated that despite some indicators showing signs of recovery, selling pressure was the dominant force in the market.