Bitcoin Records Massive Whale Activity Amid Sharp Decline
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The world’s largest cryptocurrency, Bitcoin (BTC), recently enjoyed a fresh wave of bullish momentum, which pushed the price of BTC up by over 50% over the last month. Consequently, whale activity on surrounding Bitcoin surged significantly in August.
Leading whale activity tracking platform, Whale Alert, reported the transfer of about 6,000 BTC worth $292 million from Binance to crypto wallet Xapo yesterday.
Meanwhile, recent reports show that BTC spending by long-term holders has surged significantly of late. According to its latest data report, Glassnode revealed that the percentage of old BTC (coins bought between the last six months and five years) spent on-chain grew sharply over the past few days.
Speaking on the recent BTC price action, Sales Trader at GlobalBlock Alexandra Clark noted that:
“Whilst uncertainty remains for Bitcoin in the short-term, its long-term future is clear, with professionals and academics stating that bitcoin, and digital assets more generally, will replace fiat currencies over the next five to ten years. Many institutions are already scrambling to adopt crypto and blockchain technology in a bid to retain competitive advantage.”
Reports show that an increase in institutional and retail demand for BTC triggered the recent bull run in the cryptocurrency. MicroStrategy, the largest institutional holder of BTC, acquired 3,907 more coins, bringing its total Bitcoin holdings to 108,000 coins with a combined value of over $5 billion.
Key Bitcoin Levels to Watch — August 26
Bitcoin has suffered a debilitating dip over the past few hours and has fallen below the prevailing trendline. This dip comes after bulls failed to plant a healthy footing above the $50k level, following a goodish start to the week.
That said, the benchmark cryptocurrency needs to hold above the $46k support, which intertwines with the critical 200 SMA, over the coming days or risk a dip back to the $45k axis. Trading conditions are less volatile at the moment, making it a good time for bulls to push for recovery.
Meanwhile, our resistance levels are at $48,300, $49,500, and $50,000, and our key support levels are at $46,000, $45,000, and $44,000.
Total Market Capitalization: $2.01 trillion
Bitcoin Market Capitalization: $884.6 billion
Bitcoin Dominance: 44%
Market Rank: #1
