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Bitcoin (BTC) price is stuck in a sideways motion after the recent 30% crash. The recent move from the Bank of Japan has opened the path for buyers to push BTC higher, at least in the short term. Investors can expect a minor rally if a key resistance level is overcome. 
<h2 id="strong-bitcoin-price-stagnates-but-whales-buy-dips-strong">Bitcoin Price Stagnates, But Whales Buy Dips</h2> 
The Bank of Japan’s interest rate hike was one of the main reasons for the recent crash in global markets, including a 30% sell-off in Bitcoin price. When BOJ announced that it had no plans to hike the interest rate, the markets recovered, but <a href="https://coingape.com/markets/top-3-bitcoin-ethereum-ripple-price-analysis-btc-to-revisit-60k-amid-market-uncertainty/">BTC is still stuck in a rut</a> and shows no signs of moving higher.&nbsp; 
The main reason for this can be observed by looking at <a rel="nofollow" href="https://app.santiment.net/">Santiment’s</a> active addresses metric, which has a downward trending slope. This decline in the key metric shows that addresses interacting with the Bitcoin blockchain have reduced and denote a lack of investor interest. 
<img decoding="async" class="aligncenter size-full wp-image-211514" src="https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-14.29.29-08-Aug-2024-Large.jpeg" alt="Bitcoin Price vs. BTC Active Addresses" width="1280" height="433" srcset="https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-14.29.29-08-Aug-2024-Large.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-14.29.29-08-Aug-2024-Large-300x101.jpeg 300w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-14.29.29-08-Aug-2024-Large-1224x414.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-14.29.29-08-Aug-2024-Large-768x260.jpeg 768w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-14.29.29-08-Aug-2024-Large-150x51.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px"> 
Despite the aforementioned bearish outlook, BTC whales are active, as shown by the Whale Transaction Count metric. This indicator tracks transfers of whales worth $100,000 or more.&nbsp; 
A spike in Whale Transaction Count after a rally is considered bearish, but an uptick in this metric after a crash suggests that whales could be buying the dips. Since August 5, the seven-day moving average of the Whale Transaction Count metric has spiked from roughly 1,200 to 2,700, while <a href="https://coingape.com/price/bitcoin/">BTC price</a> crashed below $50,000, clearly showcasing accumulation.&nbsp; 
<img decoding="async" class="aligncenter size-full wp-image-211511" src="https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-13.30.17-08-Aug-2024.png" alt="Bitcoin price vs BTC Whale Transaction Count" width="3840" height="1300" srcset="https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-13.30.17-08-Aug-2024.png 3840w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-13.30.17-08-Aug-2024-300x102.png 300w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-13.30.17-08-Aug-2024-1224x414.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-13.30.17-08-Aug-2024-768x260.png 768w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-13.30.17-08-Aug-2024-1536x520.png 1536w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-13.30.17-08-Aug-2024-2048x693.png 2048w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-13.30.17-08-Aug-2024-150x51.png 150w" sizes="(max-width: 3840px) 100vw, 3840px"> 
From a short-term perspective, the 30-day Market Value to Realized Vale (MVRV) metric has also flashed a buy signal. This indicator tracks investors’ average profit/loss that bought BTC in the past month. 
The recent 30% crash in Bitcoin price has pushed the 30-day MVRV to slip to -13.39%, showcasing that the investors that purchased BTC in the past month are at an average loss of 13.39%.&nbsp; 
A high positive value suggests these investors are in profit, and the holders could sell to realize profits, which could trigger a sell-off. Hence, a high positive value is often viewed as a sell signal. If the 30-day MVRV hovers between -10% to -30% for Bitcoin price, it is considered an opportunity zone or a buy signal. On the other hand, 10% to 30% is treated as a danger zone or sell signal. 
<img decoding="async" class="aligncenter size-full wp-image-211512" src="https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-13.31.26-08-Aug-2024.png" alt="Bitcoin price vs. 30-day MVRV&nbsp;" width="3840" height="1300" srcset="https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-13.31.26-08-Aug-2024.png 3840w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-13.31.26-08-Aug-2024-300x102.png 300w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-13.31.26-08-Aug-2024-1224x414.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-13.31.26-08-Aug-2024-768x260.png 768w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-13.31.26-08-Aug-2024-1536x520.png 1536w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-13.31.26-08-Aug-2024-2048x693.png 2048w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-13.31.26-08-Aug-2024-150x51.png 150w" sizes="(max-width: 3840px) 100vw, 3840px"> 
<h3 id="strong-btc-price-analysis-short-term-rally-likely-strong">BTC Price Analysis: Short-term Rally Likely</h3> 
All in all, <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/">Bitcoin price prediction</a> suggests that BTC is primed for a short-term rally if it can overcome the $57,289 hurdle and flip it into a support floor. Such a development could see BTC attempt a near-5% rally to retest the $60,000 psychological level.&nbsp; 
<img decoding="async" class="aligncenter size-full wp-image-211513" src="https://coingape.com/wp-content/uploads/2024/08/BTCUSDT.P_2024-08-08_14-29-58.png" alt="Bitcoin price 1-day chart" width="2805" height="1497" srcset="https://coingape.com/wp-content/uploads/2024/08/BTCUSDT.P_2024-08-08_14-29-58.png 2805w, https://coingape.com/wp-content/uploads/2024/08/BTCUSDT.P_2024-08-08_14-29-58-300x160.png 300w, https://coingape.com/wp-content/uploads/2024/08/BTCUSDT.P_2024-08-08_14-29-58-1224x653.png 1224w, https://coingape.com/wp-content/uploads/2024/08/BTCUSDT.P_2024-08-08_14-29-58-768x410.png 768w, https://coingape.com/wp-content/uploads/2024/08/BTCUSDT.P_2024-08-08_14-29-58-1536x820.png 1536w, https://coingape.com/wp-content/uploads/2024/08/BTCUSDT.P_2024-08-08_14-29-58-2048x1093.png 2048w, https://coingape.com/wp-content/uploads/2024/08/BTCUSDT.P_2024-08-08_14-29-58-150x80.png 150w" sizes="(max-width: 2805px) 100vw, 2805px"> 
On the other hand, a macroeconomic-drive sell-off that pushes Bitcoin price below $54,450 could risk starting another leg down toward the next key level at $52,287. 
The post <a href="https://coingape.com/markets/btc-whales-buy-the-dip-but-will-bitcoin-price-rally-higher/">Bitcoin Prices Eyes Upswing As BTC Whales Accumulate</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin Prices Eyes Upswing As BTC Whales Accumulate

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