Bitcoin (BTC) has been trading in the lower half of its $55,724 to $73,777 range for the past few days, but instead of panicking, the whales and the shark holders have used this opportunity to accumulate more Bitcoin. "Over the past month, wallets with 10-10K BTC have collectively accumulated 133.3K more coins while smaller traders continue to impatiently drop their holdings to them," market intelligence platform Santiment said in part of a post on X.

Another positive sign for the bulls is that Bitcoin stored on exchanges continues to dwindle. According to CryptoQuant data, Bitcoin reserves on exchanges have plunged by 12.9% since the start of the year. This suggests that investors are bullish in the long term.

An overhang on Bitcoin's price in the coming months could be caused by the selling by the United States government, which holds more than 203,000 Bitcoin. Although Mt. Gox creditors, who have received the repayments, have not rushed to book profits, any change in their behavior could weaken sentiment. Will the Bitcoin bulls succeed in pushing the price above $60,000? Could the altcoins follow higher?

Source: https://cointelegraph.com/news/price-analysis-8-30-btc-eth-bnb-sol-xrp-doge-ton-ada-avax-shib

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