Bitcoin (BTC) investors are hopeful for a new all-time high, but the actual demand for BTC is rapidly declining. One group of investors, however, might still prevent a significant price drop.
Declining Demand for Bitcoin
Since the start of August, Bitcoin’s price has struggled to break above $60,000. This ongoing stagnation is delaying the recovery from the losses many investors suffered in the July crash. The cryptocurrency’s price movement is currently forming a broadening ascending wedge, but breaking out of this pattern is taking longer than expected. The primary reason for this delay is the drop in demand for BTC among investors.
According to an exclusive report from CryptoQuant, shared with BeInCrypto, large Bitcoin holders, often referred to as “whales,” have significantly reduced their holdings. The report highlights that the 30-day percentage change in whale holdings has plummeted from 6% in February to just 1% now. This reduction in holdings suggests that big players in the market are losing interest, which could further suppress Bitcoin’s price.
Bitcoin’s Path to Recovery
However, if Bitcoin manages to surpass $65,000, it could trigger a breakout above $71,500. This would potentially push BTC past its all-time high of $73,800, invalidating the current bearish-neutral outlook and sparking a new rally.
