Bitcoin (BTC) Price Today: Whale Buying Strengthens Bullish Case as BTC Consolidates Near $79K

At the same time, technical indicators show that the recent rally has become stretched, leaving Bitcoin price caught between a constructive medium-term structure and the risk of a deeper short-term pullback.

Bitcoin (BTC) price chart. Source: Brave New Coin

BTC climbed to around $81,500 during the latest advance before retreating toward the $79,000 area. The move represented a gain of roughly 31% from the August 1 level near $62,229. Recent market data also shows that spot Bitcoin ETFs attracted about $3.3 billion in net inflows during August through August 28, according to The Financial Times’ Crypto newsletter data tracker.

On-chain data provides one of the more notable signals behind the current Bitcoin price prediction. Whale wallets reportedly accumulated 39,154 BTC over the past week, worth approximately $3 billion at recent prices.

Whales accumulated more than 39,154 BTC over the past week, highlighting sustained demand from large investors. Source: Ali Martinez via X

The accumulation has occurred while smaller holders have been reducing exposure. Wallets holding between 0.1 and 1 BTC recorded an Accumulation Trend Score of -0.982, indicating strong distribution within that cohort. By contrast, larger wallets have maintained neutral-to-positive accumulation behavior.

The divergence suggests that some smaller investors have been taking profits after BTC’s rapid advance, while larger holders have used the rally and subsequent consolidation to add exposure. That does not guarantee further upside, but it provides an important counterweight to the short-term selling pressure.

Data cited from Santiment also indicates that Bitcoin held by whale wallets has climbed toward 5.22 million BTC. The broader trend is consistent with evidence of large-holder accumulation during the recovery.

This pattern has appeared in previous market phases as well. Earlier in August, data showed large holders had accumulated roughly 43,000 BTC over a 60-day period, worth about $2.75 billion at the time.

The technical picture is less one-sided.

A 45-minute BTC/USD analysis places Bitcoin within a consolidation range of roughly $77,300 to $78,300. The short-term structure has improved after BTC established a low around $77,200-$77,400, followed by a higher low and higher high.

The $75.7K–$77K demand zone remains key structural support, with a sustained hold preserving Bitcoin’s broader bullish outlook. Source: FX_TRADER_87 on TradingView

The immediate resistance sits around $78,250-$78,350. A clean 45-minute close above this area would provide stronger evidence that buyers are regaining short-term control.

If that breakout is confirmed, the next resistance levels are around $79,000, $80,000, and $81,000, with the latter corresponding to the recent major high.

Conversely, losing the $77,200-$77,400 demand area would weaken the short-term structure. A move below it could expose the broader $76,000-$77,000 support zone. The more important structural threshold sits near $75,700.

Another TradingView analysis takes a more defensive view and argues that Bitcoin could first retrace before attempting another advance.

A retracement into the $78K–$79.2K zone followed by bearish rejection or a lower-timeframe CHoCH/BOS would strengthen the sell setup. Source: Adrian_NovaTrader on TradingView

The setup identifies $78,000-$79,200 as an important resistance area. Under that scenario, a recovery into this zone followed by bearish rejection could open the way toward $75,500, followed by the $72,800 region.

The $72,800 level is particularly significant because it corresponds with a Fibonacci reaction area on the referenced chart. A sustained break below it could expose the $67,500 region, where the analysis identifies a lower fair value gap.

The bearish setup would be invalidated by a sustained four-hour close above $80,500. Such a move would indicate that buyers had regained control and potentially put the $81,000-$81,400 region back into focus.

TradingView’s technical summary presents a more balanced picture. Bitcoin was recently quoted near $78,267, while the overall technical rating remained Neutral.

Oscillators were relatively stretched. The 14-period RSI stood at 72, placing it above the commonly watched 70 threshold. The Stochastic %K was 82, while the ADX was 41, indicating a market with a reasonably established trend.

The MACD stood at 3,926 and generated a Buy signal, suggesting that medium-term momentum remained constructive. Momentum at 5,265, however, produced a Sell signal, highlighting some loss of short-term strength.

Moving averages offered stronger support for the broader bullish structure. The 20-period EMA was around $73,605, while the 50-period EMA stood near $69,332. The 200-period EMA was approximately $72,171. TradingView’s summary showed Buy signals across most of the medium- and long-term moving averages.

The 20-period VWMA near $73,349 also carried a Buy signal, while the Hull Moving Average near $78,495 generated a Sell signal. Taken together, the readings suggest that BTC remains above important trend measures, even as short-term momentum becomes increasingly stretched.

Bitcoin’s immediate technical structure can be summarized around several levels:

• $81,000-$81,400: Major resistance and recent high
• $80,000-$80,500: Key breakout and bearish invalidation area
• $78,250-$78,350: Immediate short-term breakout trigger
• $77,200-$77,400: Near-term demand and structural support
• $76,000-$77,000: Broader demand zone
• $75,700: Critical structural support
• $72,800: Major Fibonacci reaction area if the correction deepens
• $67,500: Potential downside objective below $72,800

Bitcoin’s current setup reflects a contest between strong accumulation and stretched short-term momentum. Whale wallets adding more than 39,000 BTC during the latest rally provides evidence of demand from large holders, while retail distribution suggests that some smaller investors are locking in gains.

Technically, $78,300 is the immediate decision point. A sustained break above that level could expose $79,000, $80,000, and eventually the $81,000-$81,400 resistance zone.

However, failure to reclaim $78,300, followed by a break below $77,200-$77,400, would increase the probability of a move toward $76,000-$77,000. A deeper correction could bring $72,800 into focus.

The broader structure therefore remains constructive above $75,700, but the elevated RSI and Stochastic readings argue against treating another immediate breakout as a certainty. For now, whale accumulation and ETF demand provide bullish support, while the $78,300-$81,000 region remains the key area that Bitcoin must overcome to establish stronger upside momentum.