Bitcoin Whales Stacking Hard Taking Advantage Of Low Prices, Precursor For $72,000?

Dalmas Ngetich•Tuesday, August 20, 2024•1 min read

Bitcoin is once more moving sideways inside a boring range, looking at the formation in the daily chart. Even though the uptrend remains, the failure of bulls to confirm this leg up is a concern. In the sessions ahead, traders should closely monitor price action, aware that a push higher, lifting the coin above $63,000, or forcing prices below $56,500, will set the short to medium-term trend.

Amid the sideways chop, Bitcoin is steady. The coin is up in the past day and week. Trading volume is picking up steam, rising to over $29 billion in the previous 24 hours. Moreover, prices are still inside the consolidation and August 8 range, a net positive for buyers.

Bitcoin Daily Chart for August 20

Traders are closely watching the following trending Bitcoin news:

Bitcoin is steady when writing amid a buildup in stablecoin volume. As more USDT and USDC flow to exchanges, it could trigger a leg up, lifting the coin to fresh higher, above the current chop.
Whales have taken advantage of the current consolidation to buy more coins. In the last six weeks, trackers note that they have bought nearly 95,000 BTC—a huge endorsement for bulls.

Bitcoin Price Analysis

BTC/USD is firm at press time.

The coin is inside a bull flag and confined by the August 8 trade bar.

As it is, aggressive traders can search for entries as long as prices are above $56,500, aligning with the bull bar of August 8.

Even so, a close above $63,000, ideally with rising volume, will confirm the bulls of the engulfing bar, setting in motion another leg up to $72,000.

However, should there be weakness, reversing today’s gains, and Bitcoin folds below $56,500, the coin may fall to as low as $50,000 in a bear trend continuation formation.

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