Bitcoin Whale Holdings Drop 0.20%, Testing $82,000 Level

Bitcoin (BTC) whale holdings have decreased by 0.20% over the past three weeks, while retail investor wallet holdings increased by 0.09%. The difference in these trends is not significant enough to suggest strong retail demand driving aggressive buying. Bitcoin was trading between $76,000 and $80,000 at the time of analysis.

Whale holdings decline coincided with some profit-taking by long-term holders but did not indicate aggressive selling. Both short-term and long-term holders remained in profitable territory, with cumulative profits for short-term holders reaching approximately $16.8 billion (about 22.6 trillion won) and losses under $100 billion.

On-chain metrics like SOPR show whether moved Bitcoin is sold at a profit or loss. A SOPR above 1 indicates Bitcoin moved at a profit on average. However, the SOPR alone cannot determine price direction. The decline in whale holdings may indicate partial profit-taking rather than a full distribution phase.

The $80,000 level is considered the first key resistance point. Bitcoin rebounded from $63,000 on August 19 to reach $78,000 but faced repeated resistance near $80,000. Recently, it has pulled back to around $79,500 before finding support between $77,392 and $75,500.

AMBCrypto analysis on August 15 noted that Bitcoin needs to break above $82,000 after recovering $80,000 for the uptrend to strengthen again. Conversely, falling below $75,500 could weaken recovery efforts and lead to lower support levels being discussed.

The relative strength index (RSI) stood at 46.68 at the time of writing, indicating a slowdown in upward momentum after recent resistance. While demand indicators have improved recently, this analysis focused more on holder distribution shifts and price resistance levels than on demand recovery.