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%.
BTC wallet holdings data. Source: Santiment
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 th
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