After hitting its newest all-time excessive (ATH) on August 14, Bitcoin (BTC) has been on a gentle decline, buying and selling simply above the $110,000 degree on the time of writing. Whereas some analysts opine that the crypto bull run could also be over, on-chain information suggests that there’s at the very least yet another main leg up forward for BTC.
Bitcoin Bull Market Over? Not Fairly
In accordance with a CryptoQuant Quicktake submit by contributor CoinCare, as a lot as 50,000 BTC has been withdrawn over the previous two days from crypto change Kraken. This was adopted by one other main withdrawal of 15,000 BTC.
The CryptoQuant analyst acknowledged that such vital withdrawals usually are not one thing that’s sometimes noticed close to the height of a bull market cycle. As an alternative, at market tops, exchanges witness an inflow of BTC or different cryptocurrencies, signalling distribution.
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Though retail demand for BTC is at the moment fragile, just a few huge wallets are nonetheless accumulating BTC in giant portions. Previous information reveals that retail demand for BTC surges quickly at bull market tops. Nonetheless, the present tepid demand means that BTC has “at the very least one main leg up forward.”
That stated, fellow CryptoQuant analyst caueconomy provided a contrasting take. In accordance with their evaluation, main BTC holders proceed to cut back their publicity to the digital asset, not too long ago reaching the biggest coin distribution in 2025.
Notably, BTC whale reserves have tumbled by 100,000 cash prior to now 30 days, displaying excessive threat aversion amongst giant traders. Consequently, heightened promoting strain has been weighing down on the BTC worth, pushing it beneath $108,000 in late August. The analyst added:
At the moment, we’re nonetheless seeing these reductions within the portfolios of main gamers, which can proceed to strain Bitcoin within the coming weeks.
Technicals Level Towards Renewed Power
Whereas BTC whales – traders holding 1,000 to 10,000 BTC – could also be decreasing their publicity to the cryptocurrency, technicals level towards additional room for development for the main digital asset by market cap.
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For example, famous crypto analyst Titan of Crypto shared the next chart on X, saying that BTC is near invalidating the bearish double-top sample on the each day chart. As soon as BTC convincingly pushes above the neckline, it may present new bullish momentum to the asset.
That stated, there are some indicators of warning. For example, crypto analyst Physician Revenue not too long ago acknowledged that if BTC fails to defend the $107,000 – $108,000 assist degree, then it might threat falling all the way in which all the way down to $90,000.
Equally, a breakdown beneath the $98,000 degree may spell catastrophe for the flagship cryptocurrency. Nonetheless, the long-term bull case for BTC stays intact. At press time, BTC trades at $110,460, down 0.9% prior to now 24 hours.
Featured picture from Unsplash, charts from CryptoQuant and TradingView.com
