Bitcoin Well Exchanges Hit 9-Year High As Analysts Call BTC Price Low

Bitcoin (BTC) whales, or addresses with more than 1,000 BTC or at least $64 million, added 84,000 BTC in July despite the cryptocurrency market's recent slide. Moreover, since 2015, whales have been moving BTC away from the exchange at a rapid rate.

Bitcoin: The size of a whale with variable spikes

Despite the recent slowdown in the BTC/USD pair, Bitcoin whales continue to hoard the coins and withdraw the coins from the exchange.

Notably, Bitcoin whales with at least 1,000 BTC withdrew the most bitcoin from the exchange since 2015, marking the biggest increase in nine years, according to Glassnode's measure of whale network position change. Around 64,000 BTC left whale exchange balances in last 30 days.

This is the biggest negative reversal for the whales since September 2015, when the price of BTC was plummeting to around $220.

Moreover, Bitcoin addresses with at least 1,000 BTC have increased by an average of more than 100,000 BTC per week, according to CryptoQuant CEO Ki Young Joo, who said last month:

“Whale wallets (>1K BTC), including spot ETFs and holding wallets, added 1.45M BTC this year, for a total of 1.8M BTC. In the year By 2021, about 70K BTC have flown in a year. Right now, it's 100K BTC every week. I repeat it. 100k BTC every week.

According to Glassnode data, as of August 1, 1,651 whale addresses held at least 1,000 BTC, up from 1,498 at the beginning of the year.

Related: $35T US National Debt May Strengthen Bitcoin's Acceptance as ‘Hard Money'

Is Bitcoin Down?

The price of Bitcoin has established a new local bottom above the $63,000 mark, which previously served as strong support for BTC on the four-hour chart, as crypto analyst Elja wrote in a post on August 1 X.

“BTC is down. Time for big green candles.”

Adding to the positive outlook, Bitcoin is nearing monthly bullish above the $61,600 “key macro level,” according to the legendary titan of crypto. In an August 1 X post, he wrote:

Despite the turbulence, BTC managed to stay above key macro levels. This is very encouraging. Winter may bring a dull market, but the coming months will be very exciting.

However, Bitcoin has been rejected from the psychological resistance of $70,000, which means that according to the famous analyst Rect Capital, it can last until September.

In a July 30 X post, the analyst wrote:

“Bitcoin is still on track for a September breakout. History suggests that breaking out of the retracement zone after 100 days has always been unthinkable.”

According to Cointelegraph, the support around $63,000 and $57,000 remain key levels to watch for a rebound.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.