Bitcoin [BTC] trended higher after rebounding from $62,000 a few days ago. It remained inside a broader descending channel, although upside pressure strengthened.
At press time, Bitcoin traded near $64,903, up 1.6% daily and 3% over the past week.
Are Bitcoin whales buying BTC?
Bitcoin hovered near $64,000 as it searched for a breakout. Whales appeared to offer support.
CryptoQuant’s Spot Average Order Size showed large whale orders between $63,000 and $64,000. That made these prices key whale zones.
Lookonchain reported that a newly created wallet received 1,346 BTC, worth $87.28 million. Of those holdings, 614.95 BTC came from Galaxy Digital.
That activity emerged as Bitcoin’s upside momentum strengthened, pointing to growing recovery conviction among large holders. On top of that, the Exchange Whale Ratio declined from 0.4 to 0.36.
The decline suggested that whales accounted for a smaller share of exchange inflows. Meanwhile, Bitcoin’s Whale Buying Activity indicator recorded net buying for five consecutive days.
On 8th August, Buy Volume rose to 831 BTC. Average Buy Volume reached 3,308 BTC.
Can Bitcoin’s recovery hold?
Despite whale activity, Bitcoin struggled to sustain its upward momentum. Small-scale Spot trades appeared to weigh on the market. Exchange Netflow remained positive for two consecutive days. At press time, it stood at 498 BTC.
Positive Exchange Netflow showed that more BTC entered exchanges than left them. That raised potential selling pressure.
However, whales appeared to retain the upper hand and could still influence Bitcoin’s direction. The ADX with the SMA indicator showed a bullish +DI crossover, with the positive index rising to 19.
The negative index stood just below it at 18. This showed that bulls had only a slight edge.
The next move may depend on which side takes control. Continued whale buying could push Bitcoin toward $66,000. However, continued retail profit-taking could keep BTC trading sideways.
Final Summary
- Bitcoin whale activity increased near $63,000 to $64,000, with a new wallet receiving 1,346 BTC worth $87.28 million.
- Bitcoin’s Exchange Whale Ratio fell to 0.36, while Whale Buying Activity showed net buying for five straight days.
