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Key Bottom Ranges to Watch For There are two high-confluence zones to look out for that could signal a strong bounce and an upward move:
50,521 - 50,901
46,216 - 46,930
These ranges represent higher timeframe (HTF) bottoms for the overall HTF trend. There's a good chance that we could see a reversal within one of these zones, leading to a potential upward move.
However, if these levels don't hold, we might see a deeper extension into the 37.7k - 43.5k range, which is an attractive liquidity zone. But this lower range only becomes relevant if the higher ranges fail to hold. That said, both of the above ranges are strong support levels and could propel the price back to all-time highs (ATH) of 70k- 72k or even higher, potentially reaching 89k - 93k.
Currently, we've already hit 53,400, a key level that's holding off a potential sharp drop. If we lose this level, we could see a rapid decline to 3k. (Current price: 53,627)
Be prepared! We've already touched the 52,550 level, which is acting as major support. If it breaks, the ranges mentioned above become the most likely areas for a bounce, although the 52k range could still hold. However, I'm not counting on it, as we've previously sliced right through that level.
Additional Market Update:
BTC is up 68% in volume.
•ETH is also up 68% in volume.
Both BTC and ETH have seen significant buying activity during this dip, especially since yesterday, with most of it happening today.
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On-chain data shows the OTC desks that Bitcoin miners like to use have seen their balance shoot up, a sign that historically been bearish.
Bitcoin Miners Have Been Depositing Big To OTC Desks Recently
As pointed out by an analyst in a CryptoQuant Quicktake post, BTC miners have been sending coins to over-the-counter (OTC) desks during the past three months.
OTC desks are platforms that facilitate a direct transaction between individuals or institutions. Such selling and buying is more discreet than it is on centralized exchanges, so it can be hard to track who is trading on these platforms.
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The analytics firm CryptoQuant, however, has used on-chain data to identify certain addresses that are likely to be associated with OTC desks that miners like to use.
These are the wallets that miners often transfer to and considering that miners generally move coins out of their reserve for selling, it would make sense the addresses that they send to would be connected to the sales somehow

Below is a chart that shows the trend in the balance of these probable miner “OTC desks” over the past decade.

As displayed in the above graph, the miner OTC desk balance had been at relatively low values earlier in the year, even after the cryptocurrency had rallied to its new all-time high (ATH).
In the consolidation period that has followed since this ATH, however, miners have made significant transfers into these addresses. As the quant notes,
Bitcoin OTC desk balances for miners have increased by more than 70% over the past three months, rising from 215,000 BTC in June to 368,000 BTC in August—an increase of 153,000 BTC.

The metric hasn’t been at such a high level since way back in June 2022. Considering these large deposits, it would seem like miners have been eager to move on their coins recently.
In the chart, the analyst has highlighted what happened in previous periods where the miner OTC desk balance observed a similar trajectory. It would appear that such a pattern has historically led to a decline for the BTC price.
As for why miners have shifted such a large amount of coins to these platforms, the answer may lie in an event that occurred back in April of this year: the fourth Halving.
Halvings are periodic events taking place approximately every four years that permanently cut the Bitcoin block subsidy in half. Miners make the majority of their income from the block subsidy, so it’s obvious how these events can affect their finances.
Miners initially held off on transferring to these platforms after this event, but that may be because of the fact that the atmosphere in the market was still bullish. As the consolidation lengthened, though, the miners may not have been able to cope with the pressure anymore, so they decided to sell.
Given what has historically occurred when this pattern has taken shape, it’s possible that BTC may end up feeling a similar bearish effect this time as well.
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Nasdaq-listed Semler Scientific announced it had purchased 83 Bitcoin worth $5 million, ballooning its total cryptocurrency holdings to 1,012 BTC, purchased for $68 million.
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Semler Scientific Adds More BTC To Its Balance Sheet$BTC
In what appears to be a move inspired by MicroStrategy’s treasury playbook, Semler Scientific has acquired an additional 83 BTC worth $ 5 million, including fees and transaction expenses. The development is a reminder of the increasingly popular practice of adding the premier cryptocurrency to the company’s treasury asset portfolio.
Commenting on the acquisition, Eric Semler, chairman of Semler Scientific noted:
We recently purchased additional bitcoins using primarily cash from operations as well as capital raised through our at-the-market equity program. We are encouraged by the growing institutional adoption of bitcoin. It was recently reported that for the first time, institutions own more than 20% of bitcoin ETF assets under management. We believe this increasing institutionalization will drive value for both bitcoin prices and for our stockholders.
For the uninitiated, Semler Scientific first added Bitcoin to its balance sheet in May 2024 when it purchased 654 BTC for $40 million. At the time, the company stated that it views the largest cryptocurrency by market cap as its primary treasury asset.
In June 2024, Semler Scientific made another purchase of 247 BTC, investing $17 million in the leading digital asset. The same month, the company announced its plans to raise $150 million to increase its BTC reserve.
Furthermore, the firm added another 101 worth $6 million to its steadily inflating BTC reserve earlier this month. The latest purchase reaffirms Semler Scientific’s trust in BTC as a long-term asset for its treasury. However, Bitcoin price has not witnessed any immediate volatility since the latest purchase was made public.
Increased Institutional Interest In Bitcoin and other Cryptocurrencies
According to data from CoinGecko, more than 320,000 BTC is held by 29 publicly traded companies worldwide as part of their corporate treasury. Unsurprisingly, the list is led by MicroStrategy, which owns over 225,000 BTC worth more than $14 billion.
The list comprises companies such as Galaxy Digital Holdings, Tesla, and Coinbase. These 29 companies collectively own more than 1.6% of all BTC in existence, underscoring the rapidly growing popularity of the cryptocurrency as a reliable asset to hedge against inflation induced by currency debasement.
According to major Wall Street players such as Goldman Sachs, the trend is expected to continue. Further, the approval of Bitcoin-based exchange-traded-funds (ETF) in recent months has essentially put regulatory approval on the top digital asset.
The positive effects of approving a crypto-based ETF have cascaded onto other leading digital currencies. For instance, the world’s fifth-largest cryptocurrency by market cap, Solana (SOL), has piqued institutional interest in recent months.
Similarly, despite the less-than-ideal market conditions, Ethereum-based ETFs in the US have witnessed a strong demand in recent months, attracting around $98 million in inflows.
Since the beginning of 2024, Bitcoin ETFs have earned almost $18 billion. However, despite the overwhelming success of such ETFs, some institutional investors remain hesitant, believing that the interest has largely been driven by retail investors.
With the changing macro-outlook spurred by the US Federal Reserve’s long-awaited interest rate cuts beginning in September 2024, there could be renewed institutional interest in the orange coin.

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The Bitcoin (BTC) market appears to be now experiencing a concerning trend, according to the latest report from an on-chain data provider, CryptoQuant. In the report, CryptoQuant discloses a notable slowdown in the growth of whale holdings, which refers to the accumulation of Bitcoin by large-scale investors.
The report reveals that the implication of this trend may be quite negative for BTC. This is because, usually, Bitcoin whales, who hold substantial amounts of BTC, have a considerable influence on the market.
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When these large holders accumulate, it generally signals confidence in the asset, often leading to price appreciation. However, the current decline in this accumulation suggests that these key market players may be becoming more cautious, raising concerns about the potential for further Bitcoin price declines.
Signaling A Bearish Outlook
According to CryptoQuant, the monthly growth rate of whale holdings has dropped from 6% in February to just 1%. This decline is seen as a bearish indicator for Bitcoin’s price, as historical data suggests that a growth rate of more than 3% in whale holdings typically correlates with rising BTC prices.
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In addition to the decline in whale holdings, CryptoQuant’s report also touched on the broader concept of “apparent demand” for BTC. This metric is calculated as the difference between the daily total BTC block subsidy and the daily change in the number of BTC that have not been transferred in a year or more.
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The report notes that apparent demand has significantly decreased since early April, when BTC was trading at $70,000. The 30-day growth in apparent demand reached 496,000 Bitcoin, the highest level since January 2021.
However, this growth has turned negative, with a decline of 25,000 Bitcoin. So far, the correlation between declining apparent demand and the plunge in BTC price has been quite evident.
As demand has waned, Bitcoin’s price has dropped from around $70,000 in early June to a low of $49,000 by August 5, the report disclosed.
CryptoQuant further suggests that for BTC to recover, there would need to be a renewed expansion in apparent demand. Without thisincrease in demand, the market may continue to face downward pressure, making it challenging for Bitcoin to regain its previous highs.
A Closer Look At Bitcoin’s Market Premium
The CryptoQuant report also highlights another key indicator: the price premium for BTC trading on Coinbase. Early in 2024, this premium hit 0.25%, aligning with strong demand for BTC and large purchases from exchange-traded funds (ETFs).
However, the premium has been plunging ever since, standing at just 0.01%. According to CryptoQuant, this decline in the Coinbase premium is another sign of “weakening demand” for BTC in the US market.

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