Bitcoin: 90 wallets now hold at least 10,000 BTC – What changed?

Bitcoin’s elite wallet count reached a six-month high as larger holders expanded their share of the circulating supply. 

Santiment analytics recorded 90 wallets holding at least 10,000 BTC, highlighting renewed concentration among Bitcoin’s largest addresses.

Notably, the cohort gained six wallets during the previous eight weeks, representing a 7.1% increase. 

Meanwhile, micro-wallet holdings declined during August, creating a widening divergence between larger and smaller participants.

Therefore, Bitcoin’s supply distribution increasingly favored stronger hands ahead of the next major price fluctuation. 

Rising whale representation supported an accumulation interpretation because fewer coins remained distributed across smaller holders.

However, concentration alone could not guarantee higher prices. BTC still needed stronger technical confirmation before the supply shift could support a sustained bullish advance.

Falling NVT added another bullish layer

Beyond wallet distribution, Bitcoin’s network valuation picture improved as the NVT ratio fell 32.11% to 26.9998. 

The decline reduced the gap between Bitcoin’s valuation and the transaction activity supporting that valuation.

A falling NVT generally indicated transaction value had strengthened relative to the network’s overall valuation. 

Therefore, the latest decline complemented the growing presence of elite wallets rather than contradicting the accumulation narrative.

Importantly, this metric added a network-based dimension to the supply concentration trend. 

Whale growth alone reflected ownership changes, while NVT captured Bitcoin’s valuation relative to transferred value.

Together, both readings strengthened the bullish case from separate angles. 

Nevertheless, price still needed to escape its existing range before these underlying improvements could influence the broader market structure decisively.

Can Bitcoin reclaim $65,551 next?

Bitcoin [BTC] price action remained compressed between $62,398.63 support and $65,551.24 resistance, keeping Bitcoin’s immediate direction unresolved. 

Buyers repeatedly defended the lower boundary after BTC recovered from the deeper $58,602.64 support region.

However, repeated rejection around $65,551 prevented buyers from converting that recovery into a confirmed breakout.

 The RSI reached 48.45, while its average stood slightly higher at 49.97.

Those readings placed BTC near neutral territory, matching the sideways structure rather than establishing strong directional control. 

A decisive $65,551 recovery would strengthen the route toward the major $70,000 resistance area.

Alternatively, renewed weakness beneath $62,398 would expose the recovery structure to another test. 

Such a breakdown could redirect BTC toward $58,602 despite improving whale concentration and network valuation conditions.

Liquidity puts Bitcoin’s range under pressure

Liquidation liquidity added another pressure point around Bitcoin’s narrowing range, with substantial concentrations sitting above and below the price. 

The strongest nearby upside bands developed around $64,500 to $66,000, placing considerable liquidity near the technical resistance zone.

Meanwhile, another prominent concentration emerged around $63,200 to $63,400, immediately below the prevailing market area. 

Particularly dense liquidity appeared near $64,500 and $63,300, creating competing zones around BTC’s consolidation.

Yet the upside concentration overlapped more closely with Bitcoin’s $65,551 resistance, making that region especially important for buyers. 

A push through nearby liquidity could intensify price movement toward $65,551 and potentially open the $70,000 region.

However, losing the lower liquidity zone could instead increase pressure toward the $62,398 support.

Final Summary

• Bitcoin supply increasingly shifted toward elite wallets as smaller holders continued losing share.

• Whale concentration favored bulls, but BTC still needed to reclaim $65,551 convincingly.