Bitcoin is back in the accumulation phase, according to recent data, sparking optimism among analysts who foresee a potential price breakout. With significant resistance looming around $61,700, could this shift help Bitcoin recover above $66,000 by September?
Long-Term Holders Are Accumulating Again
Recent analysis reveals that Bitcoin’s long-term holders are once again in accumulation mode. On-Chain College, a well-known analyst, highlighted that the accumulation rate has reached its highest level since May 2023. Similarly, data from Glassnode indicates that the Accumulation Trend Score (ATS) has reached its maximum value of 1.0, signifying substantial accumulation over the past month.
Bitcoin long-term holder position change. Source: On-Chain College
This renewed interest in accumulation is significant, as approximately 25% of the total Bitcoin supply was acquired between the $58,000–$73,000 price range. This represents around $300 billion of Bitcoin’s market capitalization, according to Axel Adler, a verified CryptoQuant author.
Can Bitcoin Reach $66,000 by September?
Despite the recent accumulation, Bitcoin’s price dipped below $58,000 on 16 August, recording a 4.2% loss over the past week. However, technical analysts remain optimistic. Titan of Crypto, a respected technical analyst, pointed out that historically, the fourth month after a halving event has been bullish for Bitcoin, with prices often closing above the halving price. If this pattern holds, Bitcoin could see a bullish September, potentially surpassing $66,000.
BTC: Accumulation Trend Score. Source: Glassnode
However, popular analyst Rekt Capital noted that Bitcoin needs to break through significant resistance at around $61,700 first. Currently, Bitcoin is consolidating between resistance at $62,000 and support at $58,280. Overcoming the $61,700 barrier could trigger a broader price rally.
A move above $59,000 could also have a substantial impact on the market, potentially liquidating over $700 million worth of leveraged short positions. If Bitcoin’s price rises above $59,300, short liquidations could exceed $1 billion, adding further momentum to a possible recovery.
