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<p>The post <a href="https://coinpedia.org/price-analysis/btc-price-dips-below-58k-but-whale-activity-hints-at-a-market-rebound/">BTC Price Dips Below $58K, but Whale Activity Hints at a Market Rebound</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The price of Bitcoin had a 10.82% decline last week, which undermined the previous week’s recovery. With a 2.81% decline and a plunge below the $58,000 barrier, the week came to a gloomy end.</p> 
<p>Amid the increased selling, the crypto market registered a staggering $138 million worth of liquidations in long-side positions. As the supply inflow hits the fan, will the $57,000 support crack under pressure? Read this analysis to know more!</p> 
<h2 class="wp-block-heading" id="h-introducing-the-sellers-nbsp">Introducing the Sellers&nbsp;</h2> 
<p>Apart from the retailers and short-term holders (weak hands), there are strong selling forces at play in the crypto market. Among the top sellers, the US Government and the MtGox exchanges are the top names.&nbsp;</p> 
<p>From the repayment scheme, MtGox has repaid 95,958 $BTC ($6.07B) in July and August. However, the exchange still holds 44,898 $BTC ($2.65B). This accounts for almost 33% of the initial holding.&nbsp;</p> 
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   <p lang="en" dir="ltr">5/ Potential buying simulators:<br><br>• FED may cut the interest rate in September, which could boost demand for risky assets like <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> or Bitcoin ETFs.<br><br>• <a href="https://twitter.com/hashtag/FTX?src=hash&amp;ref_src=twsrc%5Etfw">#FTX</a> will repay $16B to creditors in cash, not crypto, which can be re-injected into <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> and the broad market.<br><br>• Both US… <a href="https://t.co/a2ycWxLYoc">pic.twitter.com/a2ycWxLYoc</a></p>— Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1830065189376704749?ref_src=twsrc%5Etfw">September 1, 2024</a>
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<p>Further, the US Government sits on 203,650 confiscated $BTC ($12B). Despite the ongoing Presidential race for being pro-crypto, this can be a big supply inflow if the tides shift.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-btc-price-performance">Bitcoin (BTC) Price Performance</h2> 
<p>In the 4-hour chart, the Bitcoin price reveals a massive crash witnessed over the weekend. With a 2.81% drop on Sunday, the BTC price is now back under the $58,000 level.&nbsp;</p> 
<p>Currently trading at $57,673, the BTC price action reveals a falling wedge pattern as the price range constricts. Furthermore, the sudden increase in bearish influence results in the debt cross of 50 and 200 EMA in the 4-hour chart.&nbsp;</p> 
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 <img decoding="async" width="1600" height="764" src="https://image.coinpedia.org/wp-content/uploads/2024/09/02112241/image-4.png" alt="BTC Price Analysis 2nd September 2024" class="wp-image-345696" srcset="https://image.coinpedia.org/wp-content/uploads/2024/09/02112241/image-4.png 1600w, https://image.coinpedia.org/wp-content/uploads/2024/09/02112241/image-4-300x143.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/09/02112241/image-4-1024x489.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/09/02112241/image-4-768x367.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/09/02112241/image-4-1536x733.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/09/02112241/image-4-150x72.png 150w" sizes="(max-width: 1600px) 100vw, 1600px">
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<p>As the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">BTC price</a> tests the $57,000 support level, the possibility of a consolidation range with the overhead ceiling at $61,500 is increasing. This is supported by the bullish divergence in the RSI line that projects a potential bull cycle with a short-term resistance trendline breakout.&nbsp;</p> 
<p>Based on the Fibonacci levels, the support levels below the $57,000 mark are $55,647 and $51,335. On the upside, the resistance levels above the ceiling of $61,500 are at $65,700 and $69,600.</p> 
<h2 class="wp-block-heading" id="h-whales-to-the-rescue">Whales To The Rescue!</h2> 
<p>Despite the sell-off, the number of Bitcoin whales is increasing in the crypto market. An increase of 283 additional wallets holding at least 100 BTC in just a month reveals an underground buying spree. Based on the<a href="https://x.com/santimentfeed/status/1829671149527318910" target="_blank" rel="noreferrer noopener"> Santiment data</a>, currently, there are 16,120 wallets on the network holding at least 100 Bitcoins, a 17-month high.</p> 
<p>In support of the rally, the<a href="https://x.com/spotonchain/status/1830065181617242392" target="_blank" rel="noreferrer noopener"> long-term holders</a> now control 75% of the total supply by increasing their supply by 262,000 $BTC in Aug. Thus, the total now stands at 14.82 million $BTC.</p>

BTC Price Dips Below $58K, but Whale Activity Hints at a Market Rebound

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