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BITCOIN
🐳 Bitcoin Whales Are Buying 

Word On The Street: The number of Bitcoin wallets holding at least 100 BTC has surged to a 17-month high according to data from Santiment.

The details:

• Santiment shared this data in an Aug. 31 post on X, noting, "As crypto prices have disappointed retail traders, the number of Bitcoin whales is on the rise.

• In just one month, there has been a net gain of +283 wallets holding at least 100 BTC, pushing the total to 16,120—a level not seen in 17 months."

• During the same period, wallets holding at least 10 BTC, often referred to as "sharks," have also increased their holdings.

Why it matters: The last time we saw this type of whale buying Bitcoin reached new all time highs.

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Reports from our analysts today:

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TRADERS CORNER
👑 Bitcoin Technical Analysis

Bitcoin (BTC) is currently trading around $58,195, showing a slight uptick from the previous session. The price is moving along a short-term uptrend, indicated by the upward-sloping trendline on the chart. This trendline has provided support several times, suggesting that buyers are stepping in at these levels. However, the price is approaching a critical resistance level at approximately $58,628, which has previously acted as a ceiling for BTC.

The Bollinger Bands are relatively wide, indicating high volatility. The price is currently near the middle band, which corresponds to the 20-period simple moving average (SMA). This suggests that BTC is in a consolidation phase, with neither bulls nor bears taking full control. The upper band at $58,628 aligns with the key resistance level, while the lower band provides support near $58,122.

Support and Resistance:

- Resistance: $58,628 – A break above this level could trigger a bullish move toward higher resistance levels.

- Support: $58,122 – The trendline and the lower Bollinger Band coincide at this level, making it a crucial support area. A breakdown below this level could lead to further downside.

Scenarios:

1. Bullish Scenario: If BTC can break above the $58,628 resistance, the next target could be the previous highs around $59,000. This would confirm the continuation of the uptrend.

2. Bearish Scenario: If the price fails to break the $58,628 resistance and falls below the trendline support at $58,122, we could see a retest of lower support levels, potentially around $57,800.

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