Bitcoin $114,825.77 The price gained 2.5 percent in the last 24 hours and traded at 115,700 dollars. Despite this increase, Bitcoin is still about 7 percent behind the summit value. Ethereum 
$4,753.88 And some other digital assets have managed to reach new records in recent days. The existing indicators and technical signals pointed out that a movement similar to previous rise in the Bitcoin market may be in preparation.
Whale sales pressure is weakened
Recently, large investors, ie whales, have shifted their capital to different assets, which increased the effectiveness of individual investors in the market. Therefore, the change in the sales rate of whales was followed. The so -called whale ratio measures the ratio of 10 transfers to the stock exchanges to all transfers and is considered as a signal that the whale effect is reduced in the market.
This indicator fell from 0.54 to 0.43 on August 19 on August 19. This was recorded as the lowest rate of about two weeks. When the indicator fell to 0.42 on August 10, a significant increase in the price of Bitcoin from $ 119.305 to $ 124,000. Analysts believe that such a repetition can bring a similar price rise.
“Whale sales pressure has been weakened for a while, which has positive signals for the price movement, Cry Cryptoquant CEO.
If the past pattern repeats, it is estimated that the price of Bitcoin can be seen above the current level.
Hodl Waves gives signs with aküm
After the decrease in whale sales, the eyes turned to the movements of Bitcoin’s medium and long -term investors. Metrik, known as Hodl Waves, measures the accumulation in the markets by following the amounts of Bitcoin in different age groups.
In the last month, Bitcoin rates in certain groups have increased. The ratio in 1-2-year-old wallets from 10.31 percent to 10.57, 3-6-month wallets increased from 6.40 percent to 7.19 percent. In addition, the rate of 1-3 months of wallets from 6.99 percent to 8.93 percent increased. According to experts, this tendency to accumulation indicates that the expectations of rise in the market continue.
Glassnode analyst, “the accumulation of long -term holders is accelerating. This, the market may indicate that confidence increases,” he said.
Price Breeding and Critical Levels
Technical indicators are progressing to complete the current market conditions. Bitcoin has a strong support of $ 115,400, while the $ 117,600 level stands out as a critical resistance. 119,700 dollars is the basic level for the price to make a new leap.
On the other hand, if the price decreased to $ 114,100, especially below 111,900 dollars, it is estimated that the decline tendency in the short term may strengthen. If the whale indicator repeats past movements, it is claimed that Bitcoin can gain around 4 percent and the price may rise to over 119,000 dollars.
“A break price of over $ 119,700 can carry to new records, but the support levels should be paid attention to the support levels,” TradingView Technical Analyst said.
According to analysts, this process can pave the way for Bitcoin to test new historical summits. Thus, it is shared that the current price movement consists of a delay and that the rise did not disappear completely even though it is postponed.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
