Bitcoin has shown signs of building upward pressure after hitting a local low of $111,000, bouncing back to $117,421 before settling at $115,601 at press time - a 2.45% gain in 24 hours. According to CryptoQuant data, this recovery is supported by significant whale accumulation patterns and reduced selling pressure.
The Exchange Whale Ratio fell to a 12-day low of 0.43, indicating fewer whales are sending BTC to exchanges compared to overall flows. This decline suggests substantial accumulation rather than preparation to sell. MegaWhales and large exchanges (>10K BTC) posted a balance change of -20.36K BTC, showing withdrawals significantly outweighed deposits.
Bitcoin's Spent Volume (SMA-7d) dropped sharply to 529K BTC per day, signaling that the primary wave of sellers at current price levels has dried up. Realized Profit fell across cohorts, with long-term holders booking only 7.2K BTC in profit and short-term holders realizing just 1.8K BTC despite the price bounce.
Netflow turned negative, reaching -$128 million, indicating aggressive accumulation. Historically, similar patterns have preceded significant rallies - when the Exchange Whale Ratio dropped to 0.42 on August 10th, Bitcoin rallied approximately 3.9% from $119,305 to $124,000.
Technical analysis shows Bitcoin trading above strong support at $115,400, with critical resistance at $117,600. A break above $119,700 could trigger a move toward new all-time highs, while a slip below $114,100 would shift momentum bearish in the short term.