TLDR
- Bitcoin is trading around $78,000 after pulling back from a weekly high of $81,500
- BTC’s 90-day correlation with gold has climbed above 50%, while its Nasdaq 100 correlation dropped to 33%
- Whales are accumulating while smaller wallets (0.1–1 BTC) are distributing
- The key support level to watch is $73,880 — losing it could weaken the current uptrend
- Coinbase CEO Brian Armstrong says BTC has a “good chance” of hitting $100,000 by year-end
Bitcoin has pulled back to around $78,000 after touching a three-month high of $81,500 earlier this week. The move marks a roughly 31% gain since August 1, when BTC was trading at $62,229.
The pullback has not changed the broader picture for larger holders. On-chain data shows wallets holding larger amounts of BTC have been accumulating during the advance. Smaller wallets, those holding between 0.1 and 1 BTC, posted an Accumulation Trend Score of -0.982, showing they have been selling into the rally.
This kind of split — whales buying while retail sells — is often seen as a sign that coins are moving from short-term holders to longer-term investors.
BITCOIN: RETAIL SELLS. WHALES BUY.
Bitcoin is up 31%, and retail has been selling the entire rally.
Since August 1, BTC has jumped from $62,229 to $81,500, while wallets holding 0.1–1 BTC recorded an Accumulation Trend Score of -0.982.
At the same time, whales holding 100+… pic.twitter.com/qIIiAPEXEY
— Ali Charts (@alicharts) August 28, 2026
Six wallets dormant since 2011–2014 moved 553.59 BTC, worth around $40 million, between August 16 and August 26. Five of those sent coins to addresses with no known exchange links. Only one transferred 40 BTC to Boerse Stuttgart Digital.
Galaxy Research noted that dormant Bitcoin activity in Q2 2026 fell to its lowest level since 2022. The full year is on track for less than half the dormant activity seen in 2025.
BTC and Gold: A Shifting Correlation
Grayscale data shows Bitcoin’s 90-day correlation with gold has risen above 50%, up from near zero at the start of 2026. Its correlation with the Nasdaq 100 has dropped to around 33%, from above 60% earlier.
This shift has come alongside renewed concern about U.S. fiscal policy, with federal debt surpassing $40 trillion. That environment has pushed investors toward scarce assets like gold and Bitcoin.
Crypto analyst Ted Pillows noted on X that BTC faced a sharp rejection at the $81,500 level and that the next key support sits at $74,000–$75,000. He said if that level holds, Bitcoin is likely to resume its uptrend.
bitcoin:native had a sharp rejection from the $81,500 level.
Now, the next major support level for Bitcoin is $74,000-$75,000 which could get retested next.
If this holds, BTC will resume its uptrend. pic.twitter.com/wB1scQL0pC
— Ted (@TedPillows) August 29, 2026
Key Levels to Watch
The most important level for bulls right now is $73,880, where the -0.5 MVRV pricing band sits. Holding above this keeps the recovery structure intact.
A daily close above $84,000, backed by strong volume, would open the door toward $100,000 — the level identified by both technical analysis and the MVRV bands as the next major target.
Coinbase CEO Brian Armstrong recently said Bitcoin has a “good chance” of reaching $100,000 by year-end. Binance founder Changpeng Zhao has said Bitcoin could eventually overtake gold’s total market cap.
BTC was trading at $78,062 as of August 29, up 0.9% on the day.
