Bitcoin (BTC) remained unchanged on Wednesday, up a mere 0.9% over the last 24 hours to trade at $64,400. This brings the weekly and 30-day gains to 0.15% and 3.75%, respectively.
This consolidation is accompanied by accumulation by long-term holders, who have added roughly 380,000 BTC over the past month, according to onchain data.
Data Shows Bitcoin Long-Term Holders Added $24.3 Billion in BTC
Bitcoin long-term holders (LTHs) — entities holding coins for at least six months without selling — added to their holdings as the BTC price oscillated between $60,000-$65,000 over the last two months.
CryptoQuant’s LTH supply change data shows that on a rolling 30-day basis, the supply had increased by a net 380,000 BTC, worth around $24.3 billion at current market prices as of Wednesday.
Bitcoin 30-day rolling STH/LTH supply change. Source: CryptoQuant
This represents almost 2% of the total supply, suggesting that Bitcoin is in a material supply distribution phase, with the price still holding above $60,000.
Additional data from CryptoQuant shows that the Long-Term Holder SOPR (LTH-SOPR), a measure of whether Long-term holders are selling at a profit or a loss, rose back above 1. This metric shows renewed long-term profit realization, suggesting primary buyers are old investors who are convinced of Bitcoin’s long-term potential.
Bitcoin: Long-term holder SOPR. Source: CryptoQuant
The chart above shows a similar occurrence in mid-2023 after the US Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs. Unprecedented inflows into these investment products sent Bitcoin above $100,000 for the first time ever in late 2024.
Spot Bitcoin ETFs have recorded net inflows totaling $381.4 million over the last five trading days. This suggests increasing institutional demand, which might finally see Bitcoin bottom out and embark on a sustained uptrend.
US-based Spot Bitcoin ETF Flows Table. Source: Farside Investors
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Bitcoin's Falling Wedge Pattern Points to $120,000
The weekly chart shows the BTC/USD pair trading within a falling wedge, after the price bounced off the lower trendline of the pattern at $58,000.
Falling wedges are typically bullish reversal patterns, and BTC’s continued consolidation within the pattern’s trendlines suggests that the downtrend could be nearing its end.
Bitcoin’s “last bear market ended with Bitcoin trapped inside a massive falling wedge,” said analyst Mister Crypto in an X post on Wednesday, adding:
“Then the breakout happened. Bitcoin went from around $16,000 to over $120,000.”
Making similar observations, fellow analyst Captain Faibik said Bitcoin’s price action is following the same market structure seen during the 2022 bear market.
“I expect Accumulation to continue until mid-August, followed by a possible manipulation phase through late August and September,’ the analyst said, adding:
“If this plays out, the next major Bullish rally could begin in Oct–Nov, with a long-term target of 125K-130K by mid-2027.”
The same structure is forming again. The BTC/USD pair is trading around $64,000 and approaching the final stages of this falling wedge.
A daily candlestick close above $70,000 will confirm the pattern, clearing the path for Bitcoin’s rise toward the wedge’s bullish target at $120,000, representing a 90% increase from the current price. This brings it near the $126,000 all-time high reached in October 2025.
Bitcoin/USD daily chart. Source: TradingView
The relative strength index is also recovering from similar levels that marked the end of the 2022 bear market when Bitcoin bottomed at $15,500. This preceded a near 400% rally in Bitcoin’s price toward its previous all-time high of $74,000 reached in March 2024.
Despite this this bullish outlook, “Bitcoin’s Risk Index has climbed to 58, signaling that selling pressure is intensifying as price approaches the Point of Breakdown,” private wealth manager Swissblock said in its latest BTC analysis, adding:
“The May recovery combined a weaker dollar with low risk, but Bitcoin’s internal structure is failing to turn it into a tailwind.”
BTC Risk Index. Source: Swissblock
As DailyForex reported, the BTC/USD pair must reclaim the $67,000-$70,000 as support to secure the recovery.
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