Bitcoin is back in ‘accumulation’ — What does it mean for BTC price?

Zoltan Vardai9 hours agoBitcoin is back in ‘accumulation’ — What does it mean for BTC price?Bitcoin could stage a recovery above $66,000 by September but faces significant resistance around $61,700.7116 Total views5 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onBitcoin is officially back in the accumulation phase, the latest data shows, as analysts eye an imminent price breakout. Could this help Bitcoin price recover above $66,000 by September?Bitcoin long-term holders are accumulating again

Bitcoin’s (BTC) long-term holder accumulation rate has reached a 15-month high, 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. Source: Glassnode

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 surgeCan Bitcoin reach $66,000 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: Coinglass

Short Bitcoin liquidations would surpass $1 billion if its 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.# Bitcoin# Cryptocurrencies# Bitcoin Price# Bitcoin Analysis# Markets# Tech AnalysisAdd reaction