Key Insights
- Bitcoin must reclaim $72,300 to invalidate Crypto Patel’s bearish price outlook.
- Lookonchain reported one whale sold 7,513 BTC worth about $486.9 million.
- Empery Digital has sold Bitcoin while funding debt, operations and a data-center investment.
Bitcoin price remained near $65,000 on Aug. 10 as traders assessed technical resistance and selling from large holders.
BTC traded around $65,206 after reaching a two-week high near $65,393 overnight, according to LSEG data cited by Barron’s. Weak U.S. employment data supported the latest recovery by reducing expectations for another near-term Federal Reserve rate increase.
However, the broader technical structure remained unresolved. Several analysts continued to identify lower highs and resistance above current levels, while large Bitcoin holders and some corporate treasury companies reduced exposure.
Bitcoin Price Could See Bearish Drop to $50,000
Popular crypto analyst Rekt Capital stated that Bitcoin price chart shows the formation of lower highs in comparison to its July upside wick. This has potentially created a bearish market structure for BTC.
According to Rekt Capital, Bitcoin positioned itself for a bearish retest of the 50-month exponential moving average (EMA) four years ago before facing rejection and moving lower. Thus, he raised the possibility of another rejection at the 50-month EMA, followed by further downside.
Another analyst, Crypto Patel, said that he would only turn bullish on Bitcoin (BTC) if a higher timeframe candle closes above $72,300. Until that level is decisively reclaimed, Patel said his bearish thesis remains intact, with a downside target below $50,000.
Bitcoin Macro Trend Remains Bearish, Whales Dump
Crypto analyst Ardi highlighted a recurring symmetry in Bitcoin’s (BTC) market cycles. He believes that pullbacks became progressively deeper as the previous bull market matured.
According to Ardi, the process now appears to be reversing. While the broader macro trend remains bearish, rallies against the downtrend have become increasingly steep as the bear market matures.
Thus, he expects the Bitcoin price to decline further, convincing market participants that BTC is heading even lower. But Ardi believes that such a move could set the stage for the next big rally.
On the other hand, analytics platform LookonChain reported that a Bitcoin whale sold another 1,019 Bitcoins, worth nearly $66.4 million. The latest transaction brings the whale’s total Bitcoin sales over the past three weeks to 7,513 BTC, valued at approximately $486.9 million.
Empery Digital Sold 1635 Bitcoins in A Month
Following the footsteps of Michael Saylor’s Strategy, some of the Bitcoin Treasury firms have started offloading their holdings. Recently, Empery Digital sold 1,635 BTC for approximately $102.2 million between July 1 and August 6, as per their quarterly filings.
The sales reduced the company’s total Bitcoin holdings to 1,279 BTC. Of this amount, 954 BTC has been pledged against $35 million in debt, leaving just 325 BTC as unrestricted holdings.
Empery Digital’s unrestricted Bitcoin holdings have fallen sharply from 1,375 BTC on June 30. The company also faces a potential $62.1 million commitment related to the acquisition of a data center property.
This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets can be highly volatile, and readers should conduct their own research before making investment decisions.
Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draws his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fiction novels and sometimes explores his culinary skills.
