Although Bitcoin (BTC) price has remained trapped in a consolidation between $58,076 and $66,896 since early July 2026, on-chain data analyzed by Finbold on August 7 has signaled what is likely to come next.
Specifically, Bitcoin price is likely to rally towards $70,000 in the near term, fueled by renewed demand from whale investors amid the capitulation of retail holders, according to data from Santiment. Since July 29, Bitcoin holders with balances of less than 0.01 BTC have seen their holdings decline by 0.59%.
On the other hand, BTC whales, wallets with a balance of between 10 and 10,000 BTC, saw their holdings increase by 0.34% since July 29.
“With the pattern of key stakeholders accumulating and small holders dumping, the probability of over $70,000 becomes more and more probable compared to the likelihood of sub $60,000,” Santiment concluded.
The rising demand for Bitcoin from whale investors was also evident in the United States spot exchange-traded funds (ETFs). So far in August, the U.S. spot BTC ETFs have recorded a net cash inflow of approximately $754.69 million, thereby increasing their total net assets to $78.77 billion at press time.
Bitcoin price outlook
Over the past 30 days, Bitcoin price has gained over 4.4%, trading at around $64,790 at the time of publication. The flagship coin saw its 24-hour average trading volume drop over 17% to $18.43 billion on Friday.
From a technical analysis standpoint, Bitcoin price has likely bottomed out from its multi-month bear market, as Finbold explained. Furthermore, the BTC supply in loss recently hit an all-time high, and has historically marked the end of a macro bear market, as Finbold noted.
Consequently, Bitcoin price is well positioned to rally towards $70,000 and beyond if the whales continue to accumulate amid retail’s capitulation.