- Bitcoin whale activity recorded a big drop
- BTC broke above a descending triangle pattern, signaling a rise in buying pressure
Bitcoins [BTC] Whale activity has fallen to its lowest level since the beginning of this year. This, as the crypto developed resistance and support levels around the $65,000 price level on the charts.
In fact, data has been obtained from Santiment revealed that only 60,193 BTC transactions exceeded $100,000 last week, which is the lowest number since the last week of 2023.
Also, the number of BTC whales owning more than 100 coins has fallen by 0.48% over the past two months – an update that may indicate a steady increase in profit-taking activity among this investor category.
Source: Santiment
Bitcoin’s descending triangle pattern
Since falling to an all-time high of $73,750, the price of BTC has fallen down the charts. In doing so, BTC reached a series of lower highs and formed a descending triangle.
Although the price of the King Coin broke the upper trendline of this triangle in April when it reclaimed the $70,000 zone, it has been trading within this triangle for the past three months.
Source: BTC/USDT on TradingView
This price drop could be the reason why BTC whales have reduced the volume of their transactions in recent weeks. At the time of writing, Bitcoin was trading at $65,696, above the upper trendline of the triangle.
When the price of an asset breaks above the top of a descending triangle, it is considered a bullish signal. This signals a shift in purchasing power as bulls step in to overcome existing selling pressure.
The weighted sentiment confirmed the shift in attitude towards BTC and also returned a positive value of 0.99.
Read Bitcoin’s [BTC] Price forecast 2024-25
The trend shift may have been accelerated by the fact that, despite BTC’s recent price woes, daily traders continue to make profits on their investments.
AMBCrypto assessed BTC’s daily profit-to-loss transaction volume ratio using a 30-day moving average and found that it yielded a value of 1.21. This means that for every BTC trade that ended in a loss last month, 1.21 trades made a profit.
Source: Santiment
At the time of writing, 50 million wallet addresses, representing 93.09% of all BTC holders, were in the money. Only 4% of all coin holders appeared to be holding on at a loss.
According to data from InTheBlokThis group consists of coin holders who purchased between $67,000 and 72,000 BTC.
Source: IntoTheBlock