Bitcoin is drawing renewed attention from large investors, with on-chain data showing that whale wallets accumulated more than 39,154 BTC over the past seven days, valued at approximately $3 billion at current prices.
According to data from analyst Ali Martinez citing Santiment, whale-held Bitcoin balances increased from roughly 5.17 million BTC on August 23 to more than 5.21 million BTC by August 28. The buying activity suggests major holders view current levels as an attractive entry opportunity.
Technical Support Levels Under Test
Bitcoin's price action is aligning with key technical levels. Analysis shows the cryptocurrency testing a long-term breakout zone on the monthly timeframe around the $60,000 to $70,000 region—a resistance area that capped Bitcoin's advance during the 2021 cycle.
Following the 2024 breakout above this zone, Bitcoin has pulled back toward the same level. The technical pattern suggests the cryptocurrency is attempting to convert the previous ceiling into a new support floor, a characteristic pattern during major bull markets.
Bitcoin continues to trade above a long-term ascending trendline that has supported price action since 2020. This confluence of horizontal and trendline support marks a critical level for the asset.
Current Price and Momentum Indicators
At the time of reporting, Bitcoin was trading at $78,965, up approximately 1.3% on the daily chart and nearly 2% on the weekly timeframe.
The asset remains above its 50-day simple moving average of $67,032 and 200-day simple moving average of $69,339, signaling strong medium- and long-term trend support. However, the 14-day relative strength index stands at 71.41, indicating overbought conditions that could precede a short-term pullback or consolidation period.
