Bitcoin experienced six days of losses from July 28 to August 2, dropping to nearly $112,000. However, momentum appears to be shifting as the asset begins to recover.
Price Dynamics of Bitcoin
Following a recent decline, Bitcoin has begun to increase in price again, rising by approximately 1% over the last 24 hours and trading above $114,000. This change occurs in the context of significant selling from smaller investors.
Whale Activity
According to data, a large trader on Bitfinex has been actively accumulating Bitcoin, purchasing about 300 BTC daily, indicating confidence in the asset's long-term prospects. Additionally, Metaplanet has added 463 BTC, raising its total holdings to 17,595 BTC.
Technical Analysis and Predictions
The recent price drop can be linked to a policy update that negatively affected financial markets. Experts point to possible support levels for Bitcoin at $111,600 and $112,000. Analysts suggest that many months that end with upward trends often begin with a dip, indicating the potential for significant volatility in the coming days.
Despite short-term fluctuations, the current market movements in Bitcoin indicate that major investors are showing confidence, which could lead to further price increases. Future developments may include both strengthening the asset's position and substantial fluctuations.
