After hitting its newest all-time excessive (ATH) on August 14, Bitcoin (BTC) has been on a gradual decline, buying and selling simply above the $110,000 degree on the time of writing. While some analysts opine that the crypto bull run could also be over, on-chain information suggests that there’s not less than yet another main leg up forward for BTC.
Bitcoin Bull Market Over? Not Quite
According to a CryptoQuant Quicktake put up by contributor CoinCare, as a lot as 50,000 BTC has been withdrawn over the previous two days from crypto alternate Kraken. This was adopted by one other main withdrawal of 15,000 BTC.
The CryptoQuant analyst acknowledged that such important withdrawals are usually not one thing that’s sometimes noticed close to the height of a bull market cycle. Instead, at market tops, exchanges witness an inflow of BTC or different cryptocurrencies, signalling distribution.
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Although retail demand for BTC is at the moment fragile, a couple of massive wallets are nonetheless accumulating BTC in giant portions. Past information exhibits that retail demand for BTC surges quickly at bull market tops. However, the present tepid demand means that BTC has “not less than one main leg up forward.”
That stated, fellow CryptoQuant analyst caueconomy provided a contrasting take. According to their evaluation, main BTC holders proceed to cut back their publicity to the digital asset, just lately reaching the biggest coin distribution in 2025.
Notably, BTC whale reserves have tumbled by 100,000 cash previously 30 days, displaying excessive danger aversion amongst giant traders. As a outcome, heightened promoting strain has been weighing down on the BTC value, pushing it beneath $108,000 in late August. The analyst added:
At this time, we’re nonetheless seeing these reductions within the portfolios of main gamers, which can proceed to strain Bitcoin within the coming weeks.
Technicals Point Toward Renewed Strength
While BTC whales – traders holding 1,000 to 10,000 BTC – could also be lowering their publicity to the cryptocurrency, technicals level towards additional room for development for the main digital asset by market cap.
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For occasion, famous crypto analyst Titan of Crypto shared the next chart on X, saying that BTC is near invalidating the bearish double-top sample on the every day chart. Once BTC convincingly pushes above the neckline, it might present new bullish momentum to the asset.
That stated, there are some indicators of warning. For occasion, crypto analyst Doctor Profit just lately acknowledged that if BTC fails to defend the $107,000 – $108,000 assist degree, then it might danger falling all the way in which right down to $90,000.
Similarly, a breakdown beneath the $98,000 degree might spell catastrophe for the flagship cryptocurrency. However, the long-term bull case for BTC stays intact. At press time, BTC trades at $110,460, down 0.9% previously 24 hours.
Featured picture from Unsplash, charts from CryptoQuant and TradingView.com
