Posted:
- Bitcoin holders with a 0.1% BTC supply added more than $1.5 billion in BTC holdings.
- BTC’s MACD showed some recovery, but the RSI was still at the mercy of selling pressure.
Bitcoin [BTC] managed to end August on a sad note as it dropped to the $25,000 price level on August 31. Moreover, the king of cryptocurrencies was not exactly making a positive move on the price charts at the time of writing. At the time of writing, it was trading at $25,641, which is down 1.50% over the past seven days, according to data from CoinMarketCap.
Read Bitcoin’s [BTC] Price forecast 2023-2024
Despite BTC’s recent decline, demand on the retail front has shown some holder accumulation. According to a recent tweet from IntoTheBlock, addresses with 0.1% of Bitcoin’s supply have added more than $1.5 billion in BTC holdings. This has happened in the past two weeks.
Addresses owning 0.1% of the Bitcoin supply or more added more than $1.5 billion in BTC holdings in the past two weeks. pic.twitter.com/MrHKLXO9qx
— IntoTheBlock (@intotheblock) September 1, 2023
While this was good news on the retail front, some BTC whales took a slightly different view.
While demand from the retail segment appeared to be good news, there were some whaling disruptions. As the chart below shows, whales holding 10,000 – 100,000 (red) BTC scaled back their holdings between August 27 and 29. However, a recovery was observed in their possession on August 31.
Furthermore, whales holding 1,000 – 10,000 (yellow) BTC have had their balances trimmed and witnessed a demise. As of September 1, these holders held only 24.09% BTC.
Source: Sentiment
BTC in trouble?
Data from the on-chain intelligence platform showed that BTC’s weighted sentiment experienced a noticeable drop on August 29. At the time of writing, it stood at 1.38, indicating that investors are not exactly optimistic about the king coin.
However, a look at BTC’s social dominance painted a different picture. While the events of the past few days have caused BTC’s social dominance to take a hit, this metric was showing recovery at the time of writing. A recovery could be taken as an indication of growing dominance on the social front.
Source: Sentiment
But will the growing interest on the social front turn into momentum on the BTC price front? Let’s see.
How much is 1.10.100 BTC worth today?
Some hope on the price front
While BTC’s price action disappointed several traders, relief could be on its way. This was because at the time of writing, BTC’s Moving Average Convergence Divergence (MACD) showed a bullish crossover. This could be taken as a bullish sign. Adding to the sentiment even further, BTC’s Awesome Oscillator (AO) also flashed green, albeit below the zero line.
Source: TradingView
However, BTC’s Relative Strength Index (RSI) remained well below the neutral line. This made it clear that while some indicators showed signs of recovery, selling pressure was the dominant force in the market.