Recent data shows an increase in activity among long-term Bitcoin holders and ongoing institutional interest in cryptocurrency purchases. Let's consider the main factors affecting the current market situation.
Activity of Long-term Bitcoin Holders
Long-term Bitcoin holders have exhibited significant selling activity, moving 97,000 BTC on August 29, the largest volume recorded this year. Approximately 70 percent of the coins moved were held between one and five years. Despite the rise in selling volume, current levels remain below the peaks seen in late 2024.
Institutions Expand Their Holdings
While long-term holders have been more active sellers, institutional players are continuing to increase their Bitcoin positions. For instance, Sweden's Goobit Group AB confirmed the addition of 1.0197 BTC following a recent share issue, bringing their total holdings to 11.6491 BTC. Moreover, Satsuma Technology reported adding 22.65 BTC to its total of 1,148.65 BTC, highlighting the corporate sector's interest in Bitcoin even amid volatility.
Market Structure and Price Levels
Bitcoin is consolidating within a descending wedge pattern after recent moves below key support. Analysts note strong support around $107,000 while resistance levels are marked at $111,888, $116,705, and $119,746. A breakout above these resistance levels may lead to further price appreciation.
The current situation in the Bitcoin market reflects interest from both long-term holders and institutional investors. The continuation of this observed trend may impact price dynamics in the coming months.
