Bitcoin (BTC), after hitting its most recent all-time (ATH), on August 14, has continued to decline. At the time this article was written, it was just trading above $110,000. Some analysts believe that the bull run in crypto may have ended, but on-chain information suggests that BTC still has one major move ahead.
Bitcoin Bull Market over? Is the Bitcoin bull market over?
In a CryptoQuant post, CoinCare reported that Kraken’s crypto exchange has seen as many as 50,000 BTC withdrawn in just two days. It was then followed by a major withdrawal of another 15,000 BTC.
CryptoQuant’s analyst said that it is not common to see such large withdrawals near the top of bull markets. At the top of a bull market cycle, BTC and other cryptos are flooded into exchanges.
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While retail BTC sales are currently weak, there is still some demand from large wallets. Data from the past shows retail BTC demand surges at bull market peaks. But the current lackluster demand indicates that BTC may have plateaued. “at least one major leg up ahead.”
Caueconomy, another CryptoQuant analyst offered an opposing view. Their analysis shows that major BTC investors continue to decrease their exposure to digital assets, reaching the highest coin distributions in 2025.
BTC whale reserve have fallen by 100,000 coin in the last 30 day, indicating a risk-averse attitude amongst large investors. BTC has suffered from increased pressure to sell, which is why it fell below $108,000 by late August. Analyst added:
To date, these portfolio reductions are continuing to be seen by major players. This may cause Bitcoin prices to continue falling in the weeks ahead.
Techniqes point to renewed strength
While BTC whales – investors holding 1,000 to 10,000 BTC – may be reducing their exposure to the cryptocurrency, technicals point toward further room for growth for the leading digital asset by market cap.
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Titan of Crypto (notable crypto analyst) shared on X the chart below, stating that BTC has a good chance to invalidate the double-top bearish pattern. BTC’s push above the neckline could give the asset a new boost of bullish momentum if it is able to do so.
There are signs to be cautious. Doctor Profit is a crypto analyst who recently published a report. stated that if BTC fails to defend the $107,000 – $108,000 support level, then it may risk falling all the way down to $90,000.
In the same way, breakdown BTC’s flagship currency could be in danger if it drops below $98,000. BTC’s long-term bullish case is not lost. remains intact. BTC was trading at $104,460 as of press time. This is a 0.9% decline in 24 hours.
Charts from TradingView.com and CryptoQuant.com.
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Source: www.newsbtc.com
