Bitcoin News Today: Whales Add 160000 BTC as Bitcoin Dips Below Key Support Zone

Whales continue to accumulate Bitcoin at a significant pace as the price dipped below key support levels last week, sparking concerns among short-term traders but reinforcing confidence among long-term holders. According to data from CryptoQuant, whale wallets have added over 160,000 BTC in the past 30 days, far surpassing the 13,500 BTC newly introduced by miners during the same period. This indicates a strong demand for Bitcoin despite the ongoing price correction, which has erased nearly half of the gains made in early July [1].

The recent downturn, which saw Bitcoin fall below the $114,672 to $115,734 support range, was accompanied by a death cross on the 4-hour chart, signaling bearish sentiment. Negative funding rates in futures trading also amplified selling pressure. However, long-term holders appear unfazed, with many treating Bitcoin as a hedge against inflation and viewing the decline as a buying opportunity. Notably, wallets that only receive Bitcoin and have no sell history have gained approximately 50,000 BTC in the same timeframe, reinforcing the conviction of higher-conviction holders [2].

The divide between short- and long-term investors has become more pronounced. Short-term traders are increasingly near break-even or in loss zones, with some showing signs of partial liquidation, whereas long-term holders remain steadfast. This accumulation activity by whales is widening the gap between supply and demand, potentially stabilizing the price in the medium term. CryptoQuant analysts highlight that the overall trend remains bullish, despite temporary pressures from short-term holders [3].

Macroeconomic developments are also influencing market dynamics. The U.S. Federal Reserve’s decision to hold interest rates has tempered risk sentiment, while expectations for a potential 0.25-point rate cut by the Bank of England to 4 percent later this week could provide a tailwind for risk assets. Analysts linked to the Trump administration have also speculated that the Federal Reserve may ease rates in September, which could further support crypto markets [4].

Technical indicators, meanwhile, point to a possible short-term rebound. The 4-hour MACD has shown a bullish crossover, and the RSI has moved away from oversold levels, suggesting that the downward momentum may be slowing. These signals could indicate a temporary bounce in the near term, though they do not negate the ongoing correction [5].

The accumulation by long-term holders has created a strong foundation for Bitcoin, despite short-term volatility. With macroeconomic uncertainty and mixed sentiment, the market may yet see a rebound fueled by whale activity and improving technical conditions.

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[1] Source: [Whales Scoop Up 160,000 BTC as Bitcoin Dips Below Key Support Zone](https://coinmarketcap.com/community/articles/6890c05a0da6217dd08e4bd3/)