Bitcoin is back in 'accumulation' — But what does it mean for BTC price?
Bitcoin ( BTC ) is officially back in the accumulation phase, the latest data shows, as analysts are eying an imminent price breakout. Could this help Bitcoin price recover above $66,000 by September?
Bitcoin long-term holders are accumulating again
Bitcoin's long-term holder accumulation rate has reached a 15-month highs, according to popular analyst On-Chain College, who wrote in an Aug. 15 X post :
“#Bitcoin Long-Term Holders are back to accumulating at levels that we haven't seen since May 2023”Bitcoin long-term holder position change. Source: On-Chain College
Bitcoin holders have shifted back to accumulating over the past month, according to an Aug. 15 X post by Glassnode, which wrote :
“The Accumulation Trend Score indicates a market shift back to accumulation, with the ATS reaching its maximum value of 1.0, signaling significant accumulation over the past month.”BTC: Accumulation Trend Score
The Accumulation Trend Score (ATS) is a heatmap used to analyze market behavior based on different Bitcoin holder cohorts.
Moreover, 25% of the total Bitcoin supply was acquired between the $58,000 - $73,000 price range, noted Axel Adler, a verified CryptoQuant author, in an Aug. 16 X post:
“25% of the total available Bitcoin supply was purchased at the price level of $73-58K. This represents a quarter of the total Bitcoin market capitalization, approximately $300 billion.”BTC: Percent supply in profit. Source: Axel Adler
Related: Key Bitcoin bull signal flashes for first time in nearly 2 years, hinting at 2x price surge
Can Bitcoin reach $66K by September?
Despite the continued accumulation, Bitcoin fell below $58,000 on Aug. 16 after losing 4.2% over the past week.
However, according to technical analyst Titan of Crypto, Bitcoin could still be on track to $66,000 by September based on historical post-halving chart patterns.
The analyst wrote in an Aug. 15 X post:
“Historically, the 4th month after the halving has always been bullish for #BTC, closing above the halving price. If this pattern repeats, September could be a bullish month above $66,000.”BTC/USD, 1-month chart. Source: Titan of Crypto
However, according to popular analyst Rekt Capital, Bitcoin's price first needs to overcome a significant resistance of around $61,700. The analyst wrote in an Aug. 14 X post:
“Notice how the local highs of ~$61700 (black) are acting as resistance. Interestingly, BTC is consolidating between the late June wedge highs (~$62,000 black) which are back to figuring as resistance and the early July wedge highs ($58,280) which are now acting as support.”BTC/USD, 1–day chart. Source: Rekt Capital
The next significant resistance is now down to $59,000. According to Coinglass data, a potential move above would liquidate over $700 million worth of cumulative leveraged short positions.
Bitcoin Exchange Liquidation Map. Source: CoinglassShort Bitcoin liquidations would surpass $1 billion if Bitcoin’s price rose above $59,300.
Related: Institutional adoption of Bitcoin ETFs surges 27% in Q2
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Flash Monday: Buy crypto with a credit/debit card for zero fees
Every Monday, enjoy zero fees when using your local fiat currency with a credit or debit card ( Visa, Mastercard, Google Pay Apple Pay)! Buy Crypto Promotion period: Every Monday 8:00 PM – Tuesday 8:00 PM (UTC+8) Promotion rules Sign up for a Bitget account or log in to your existing account. Navig
SEC to receive record $8.2 billion from enforcement in fiscal 2024, mostly from Terraform Labs
CAT becomes the only BSC chain token in the top 20 Wintermute market-making meme coins