Bitcoin Whales Resume Accumulation, Setting the Stage for a Potential New Rally

For over a month, Bitcoin [BTC] whales have been steadily reducing their holdings, marking the longest period of net decline over the past year.

For over a month, Bitcoin [BTC] whales have been steadily reducing their holdings, marking the longest period of net decline over the past year. However, the trend has now shifted, with whales beginning to accumulate again.

This reversal has pushed the monthly percentage change in whale holdings back into positive territory, signaling potential changes in market sentiment. The key question is whether this shift could fuel BTC’s next rally or if the accumulation is merely a temporary adjustment.

Bitcoin’s whale accumulation resumes – A trend reversal?

As per the latest on-chain data, Bitcoin whales have re-entered accumulation mode. After weeks of declining balances, total whale holdings are now seeing an uptick, with the 30-day percentage change turning positive at +0.7%.

Historically, similar shifts in whale behavior have often preceded significant price movements. At the time of writing, the total balance was around 3.4 million.

Source: CryptoQuant

A closer look at past trends revealed that whenever whales reversed from net selling to net accumulation, BTC saw periods of heightened volatility. And, in many cases, price recoveries.

This suggested that whales may be positioning themselves for a potential market shift.

Bitcoin’s price action – What’s next?

Bitcoin was trading at $86,480 at press time, following a 0.32% decline over the last 12 hours. The 50-day moving average sat at $92,321, acting as a key resistance level.

Meanwhile, BTC seemed to be hovering near the lower Bollinger Band – A sign that price volatility has been increasing across the board.

Source: TradingView

The Money Flow Index [MFI] was at 49.06 – A sign that BTC was neither in overbought nor oversold territory.

A sustained hike in whale accumulation could drive Bitcoin towards a retest of $90,000. However, failure to reclaim key moving averages could push the price towards its $82,000 support levels.

What could happen next?

When analyzing previous instances where whale accumulation resumed after a period of net selling, AMBCrypto found that BTC often saw buying pressure in the following weeks.

However, the extent of the price impact depends on external market conditions, such as macroeconomic factors and overall investor sentiment.

A major factor to consider is whether the whale accumulation is coming from long-term investors or short-term traders. If the recent buying trend continues, it could signal renewed confidence in BTC’s long-term outlook. Conversely, if accumulation slows down, BTC may remain range-bound before making its next decisive move.

Will whales drive the next Bitcoin rally?

The latest shift in Bitcoin whale behavior hinted that large holders are starting to position themselves for a potential market shift. While previous accumulation phases have led to price hikes, it remains essential to monitor BTC’s ability to reclaim key resistance levels.

If whales continue to buy aggressively, BTC could attempt to break above $90,000 and retest $92,000. On the other hand, failure to maintain momentum may keep BTC from consolidating between $82,000 and $88,000 in the near term.

Investors should check out on-chain data and macroeconomic signals to gauge whether this momentum can be sustainable or not.output: For over a month, Bitcoin [BTC] whales have been steadily reducing their holdings, making it the longest period of net decline over the past year. However, the trend has now reversed, with whales beginning to accumulate again.

This reversal has pushed the monthly percentage change in whale holdings back into positive territory, signaling potential changes in market sentiment. The key question is whether this shift could fuel BTC’s next rally or if the accumulation is merely a temporary adjustment.

Bitcoin’s whale accumulation resumes – A trend reversal?

As per the latest on-chain data from CryptoQuant, Bitcoin whales have re-entered accumulation mode. After several weeks of declining balances, total whale holdings are now showing a slight uptick.

The 30-day percentage change has turned positive at +0.7%, indicating a recent shift in behavior. Previously, in mid-August, the monthly change hit the lowest point at -6.0%.

Bitcoin (BTC) whales' monthly balance change. Credit: CryptoQuant

Historically, significant shifts in whale behavior, like this reversal from selling to buying pressure, have often preceded periods of heightened price volatility and, in many cases, signaled the onset of price trends.

At the time of writing, the total balance held by whales stood at approximately 3.4 million BTC.

A closer look at Bitcoin’s price action

Bitcoin was trading at $86,480 at press time, on Thursday, September 7. It sustained a 0.32% decline over the last