- Bitcoin’s long-term holder accumulation rate has reached a 15-month high, indicating that long-term holders are accumulating Bitcoin again.
- 25% of the total Bitcoin supply was acquired between the $58,000-$73,000 price range, representing around $300 billion in market capitalization.
- Bitcoin could potentially reach $66,000 by September if it follows historical post-halving chart patterns, but it faces significant resistance around $61,700.
Bitcoin has entered a new accumulation phase according to on-chain data, suggesting that a bullish price breakout may occur in the coming weeks.
Bitcoin Long-Term Holders Resume Accumulating
Bitcoin’s long-term holder accumulation rate has reached a 15-month high, signaling that long-term investors are buying up available supply. 25% of the total Bitcoin supply was acquired between the $58,000-$73,000 price range, showing significant accumulation at those levels.
Historical Patterns Point to $66,000+ by September
Despite recent price declines, Bitcoin could still reach $66,000 by September based on historical price patterns following previous halvings. The 4th month after the halving has been a bullish period for Bitcoin, with prices closing above the halving price.
Overcoming Key Resistance Levels
For Bitcoin to resume its uptrend, it first needs to overcome resistance around $61,700. Bitcoin is currently consolidating between resistance at June’s highs around $62,000 and support at July’s highs around $58,280. A move above $59,000 would also liquidate over $700 million in short positions, fueling further upside.
Conclusion
While Bitcoin faces near-term resistance, on-chain data and historical patterns suggest the cryptocurrency is primed for a bullish breakout in the coming weeks and months. Key levels to watch are $59,000, $61,700, and $66,000.
