Summary
- According to CryptoQuant, Bitcoin whale investors bought an additional 54,400 BTC since June 14.
- By contrast, investors holding less than 100 BTC sold about 27,400 BTC over the same period.
- The contributor said the seven-day moving average of SOPR remains below 1, signaling ongoing stop-loss selling, and that the market should watch for a breakout above the $62,000 to $65,000 range.
Forecast Trend Report by Period
Bitcoin whales have accumulated large amounts of the cryptocurrency over the past two months. Even so, Bitcoin remains stuck in its recent trading range.
On August 14, CryptoQuant contributor Woo Min-kyu wrote that whales holding more than 100 BTC had bought about 54,400 additional Bitcoin since June 14.
Smaller investors moved the other way. Over the same period, holders with less than 100 BTC sold about 27,400 Bitcoin, according to the report.
On-chain indicators, however, have yet to show a clear bullish reversal. The seven-day moving average of SOPR remains below 1, the threshold that indicates investors are selling Bitcoin at a loss.
Woo wrote that the whale accumulation signal that emerged in June remains valid, but has yet to confirm a clear upside breakout. He added that investors should watch whether SOPR rises and holds above 1 and whether Bitcoin breaks out of the $62,000 to $65,000 range.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.