Bitcoin is officially back in the accumulation phase, the latest data shows, as analysts eye an imminent price breakout. Could this help Bitcoin price recover above $66,000 by September?
Bitcoin long-term holders are accumulating again
Bitcoin’s long-term holder accumulation rate has reached a 15-month high, according to popular analyst On-Chain College, who wrote in an Aug. 15 X post:
“#Bitcoin Long-Term Holders are back to accumulating at levels that we haven’t seen since May 2023.”
Bitcoin long-term holder position change. Source: On-Chain College
Bitcoin holders have shifted back to accumulating over the past month, according to an Aug. 15 X post by Glassnode, which wrote:
“The Accumulation Trend Score indicates a market shift back to accumulation, with the ATS reaching its maximum value of 1.0, signaling significant accumulation over the past month.”
BTC: Accumulation Trend Score. Source: Glassnode
The Accumulation Trend Score (ATS) is a heatmap used to analyze market behavior based on different Bitcoin holder cohorts.
Moreover, 25% of the total Bitcoin supply was acquired between the $58,000–$73,000 price range, noted Axel Adler, a verified CryptoQuant author, in an Aug. 16 X post:
“25% of the total available Bitcoin supply was purchased at the price level of $73-58K. This represents a quarter of the total Bitcoin market capitalization, approximately $300 billion.”
BTC: Percent supply in profit. Source: Axel Adler
Can Bitcoin reach $66,000 by September?
Despite the continued accumulation, Bitcoin fell below $58,000 on Aug. 16 after losing 4.2% over the past week.
However, according to technical analyst Titan of Crypto, Bitcoin could still be on track to $66,000 by September based on historical post-halving chart patterns.
The analyst wrote in an Aug. 15 X post:
“Historically, the 4th month after the halving has always been bullish for #BTC, closing above the halving price. If this pattern repeats, September could be a bullish month above $66,000.”
BTC/USD, 1-month chart. Source: Titan of Crypto
However, according to popular analyst Rekt Capital, Bitcoin’s price first needs to overcome a significant resistance of around $61,700. The analyst wrote in an Aug. 14 X post:
“Notice how the local highs of ~$61700 (black) are acting as resistance. Interestingly, BTC is consolidating between the late June wedge highs (~$62,000 black) which are back to figuring as resistance and the early July wedge highs ($58,280) which are now acting as support.”
BTC/USD, 1–day chart. Source: Rekt Capital
The next significant resistance is now down to $59,000. According to Coinglass data, a potential move above would liquidate over $700 million worth of cumulative leveraged short positions.
Bitcoin Exchange Liquidation Map. Source: Coinglass
Short Bitcoin liquidations would surpass $1 billion if its price rose above $59,300.
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