Decrease in Bitcoin Held by Major Investors Reaches 3.52 Million Units - Insights
Bitcoin is currently trading around $115,000, testing the resistance at $120,000-$123,000. This comes after a period of consolidation just below the aforementioned resistance zone, as depicted on the 3-day chart.
The recent surge in Bitcoin's price has led some whales to reduce their exposure, which could be a sign of profit-taking. However, buyers are defending above $114,000, preventing deeper corrections. If Bitcoin can close above $123,000, the next upside target lies near $130,000-$135,000.
The moving averages suggest strong medium-term momentum for Bitcoin, with the 50-day SMA trending well above the 100-day and 200-day SMAs. This indicates a positive trend for Bitcoin in the coming weeks.
Despite this bullish outlook, uncertainty remains high as broader volatility continues without a clear trend. Each time Bitcoin approaches the $120,000 region, selling pressure emerges. On the downside, a break below $110,000 would weaken the structure, potentially dragging the price towards the $102,000-$105,000 support range.
Analysts view a 25bps cut as a constructive and bullish signal, which could further boost Bitcoin's price. The positioning of large investors appears strategic in light of the Federal Reserve's interest rate decision, expected to define the coming weeks.
While whales reducing exposure may signal profit-taking, it could also indicate preparation for volatility tied to macroeconomic uncertainty. Concerns about onchain developments, as highlighted by Maartunn, add to the uncertainty surrounding Bitcoin's price movement.
However, the decline in total Bitcoin held by whales from 3.628M BTC on August 22 to 3.52M BTC by September 8, represents a decrease of 108,000 BTC in just 17 days. This decrease in liquid supply, coupled with growing institutional accumulation, could imply tighter liquidity and potentially less price volatility.
Institutional adoption, driven by corporate giants like MicroStrategy holding over 190,000 BTC, is driving a bull market in 2025. This growing institutional accumulation could support a more stable and bullish Bitcoin market outlook in the near future.
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