Bitcoin whales accumulated approximately $3 billion worth of BTC over the past week, adding more than 39,150 coins to their positions, according to data cited by analyst Ali Martinez. The accumulation signals continued interest from major investors despite broader market uncertainty.
The cryptocurrency experienced a significant rally, rising from under $65,000 to above $81,000 in roughly a week. ETF buyers contributed to the momentum, investing over $920 million into bitcoin funds during the same period. Retail investors, however, have largely remained on the sidelines or sold positions, according to on-chain data.
Mixed Technical Outlook
Bitcoin faced rejection at the $81,000 resistance level twice, raising questions about the sustainability of the rally. The move coincided with Federal Reserve Chair Kevin Warsh's Jackson Hole speech on Friday, which displayed a hawkish stance on monetary policy.
Analysts remain divided on the path forward. Rekt Capital warned that Bitcoin's real test begins after the strong weekly close, suggesting the rally could be a bear-market relief move followed by a pullback in the following weeks. The cryptocurrency would need to demonstrate sustained strength at current levels rather than immediately reversing gains.
Crypto Haris presented a more bearish scenario, describing the move from $65,000 to $80,000 as a potential bull trap. This analyst expects Bitcoin to decline to $74,000 first, followed by another leg down toward the $67,000 region, with an eventual decline to $62,000 before a potential move toward $90,000.
