Bitcoin (BTC) price recently surged, followed by a significant drop in late July and early August.
However, this drop does not necessarily signal a bearish trend as investor behavior shows signs that the market remains stable.
Bitcoin investors show confidence
Despite Bitcoin’s recent price decline , which saw it fall from $68,000, the asset is poised to continue its uptrend. This recovery is fueled by continued optimism among investors, who remain confident despite the volatility .
Among them are whale investors, who have held steady despite the recent drop. Addresses holding between 100 and 1,000 BTC have shown a steady increase , suggesting ongoing accumulation.
These investors have a significant influence on Bitcoin price movements. Their accumulation often causes price increases, while their selling can lead to sharp declines.
For a downtrend to continue, one would expect market skepticism. However, this has not been evident for some time. Since late May, Bitcoin’s Medium Coin Age (MCA) has been steadily increasing.
MCA measures the Medium age of coins held in a wallet or on the blockchain , indicating how long they have been untouched. This metric helps assess the level of activity in a cryptocurrency network.
An uptrend shows that investors are holding their coins (HODLing), while a downtrend shows increased movement between addresses, signaling bearish sentiment. Currently, the trend continues to show investor confidence rather than pessimism.
BTC Price Prediction
XEM these factors, Bitcoin price does not seem to be forming a dead cat bounce . A sustained decline is needed to confirm such a scenario.
Bitcoin is currently trading at $58,740, holding above a key support level of $58,390, which has previously Vai as support and could help sustain last week's rally.
If Bitcoin holds this support level, it could aim to reclaim $61,000, setting the stage for a rally to $65,200. A break above that level would further solidify the uptrend.
On the other hand, losing support at $58,390 would send BTC down to $54,600. However, the bullish thesis would only be invalidated if the Cryptoasset drops to $50,000.
Bitcoin News Summary
