Bitcoin (BTC) is attracting renewed interest from large investors after on-chain data revealed that whale wallets accumulated more than 39,154 BTC over the past seven days, worth approximately $3 billion at current prices.
Data shared by cryptocurrency analyst Ali Martinez in an X post on August 30, citing Santiment, shows that Bitcoin holdings among large investors increased steadily throughout the week.
Whale-held balances climbed from roughly 5.17 million BTC on August 23 to more than 5.21 million BTC by August 28.
The buying activity suggests that major holders remain confident in Bitcoin’s long-term outlook even as the asset consolidates following its latest rally.
Whale accumulation is often closely watched by traders because large investors have historically increased exposure during periods they view as attractive entry opportunities.
Bitcoin bullish technical outlook
The bullish on-chain data is also being supported by an increasingly constructive technical picture.
In this regard, analysis from market intelligence platform TrendSpider shows Bitcoin testing a key long-term breakout zone on the monthly timeframe.
The analysis highlights a former resistance area around the $60,000 to $70,000 region that capped Bitcoin’s advance during the 2021 cycle. Following the breakout in 2024, the cryptocurrency has now pulled back toward that same zone.
The outlook suggests Bitcoin is attempting to turn the previous ceiling into a new support floor, a classic market behavior often seen during major bull markets.
At the same time, BTC 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 key level for Bitcoin. As long as BTC holds above it, the broader uptrend remains intact despite the recent pullback.
Combined with whale accumulation, a successful retest of this multi-year breakout zone could pave the way for renewed bullish momentum.
Bitcoin price analysis
At the time of reporting, Bitcoin was trading at $78,965, up about 1.3% on the daily chart. On the weekly timeframe, the asset has gained nearly 2%.
Amid the consolidation, Bitcoin remains firmly bullish, trading well above its 50-day SMA of $67,032 and 200-day SMA of $69,339, signaling strong medium- and long-term trend support.
However, the 14-day RSI stands at 71.41, placing BTC in overbought territory. While this reflects strong buying momentum, it also raises the likelihood of a short-term pullback or consolidation before the next move higher.
Featured image via Shutterstock
