- Bitcoin’s whale activity recorded a major decline
- BTC broke above a descending triangle pattern, signaling a hike in buying pressure
Bitcoin’s [BTC] whale activity has cratered to its lowest level since the beginning of the year. This, as the crypto developed resistance and support levels around the $65,000-price level on the charts.
In fact, data obtained from Santiment revealed that over the past week, only 60,193 BTC transactions exceeded $100,000, marking its lowest count since the final week of 2023.
Also, the number of BTC whales that hold over 100 coins has dropped by 0.48% in the last two months – An update possibly signifying a steady uptick in profit-taking activity among this investor category.
Source: Santiment
Bitcoin’s descending triangle pattern
Since it rallied to an all-time high of $73,750, BTC’s price has fallen on the charts. In doing so, BTC hit a string of lower highs to form a descending triangle.
Now, although it breached the upper trend line of this triangle in April when it reclaimed the $70,000-zone, the king coin’s price has traded within this triangle over the past three months.
Source: BTC/USDT on TradingView
This price decline might be why BTC whales have reduced the volume of their transactions over the past few weeks. At press time, Bitcoin was trading at $65,696, sitting above the upper trend line of the triangle.
When an asset’s price breaks above the top of a descending triangle, it is considered a bullish signal. This suggests a shift in buying power as the bulls step in to overcome the existing selling pressure.
Confirming the shift in attitude towards BTC, its weighted sentiment returned a positive value of 0.99 too.
Read Bitcoin’s [BTC] Price Prediction 2024-25
The shift in trend might have been precipitated by the fact that despite BTC’s recent price troubles, daily traders continue to record profit on their investments.
AMBCrypto assessed the daily ratio of BTC’s transaction volume in profit to loss using a 30-day moving average and found that it returned a value of 1.21. This means that for every BTC transaction that ended in a loss over the past month, 1.21 transactions returned profits.
Source: Santiment
At the time of writing, 50 million wallet addresses, which comprise 93.09% of all BTC holders, were “in the money.” Only 4% of all coin holders seemed to hold at a loss.
According to data from IntoTheBlock, this group consists of coin holders who bought BTC between $67,000 and 72,000.
Source: IntoTheBlock
