- Bitcoin price is nearing $115,300 after bouncing from lows around $114,000.
- Despite last week’s sharp pullbacks, BTC is experiencing robust accumulation.
- On-chain data points to aggressive buying by whales.
Bitcoin (BTC) is trading near $115,300 in early trading on August 19, 2025. Although the market recently dipped to roughly $114,000, the flagship digital asset shows signs of strong accumulation.
On-chain metrics indicate that large holders are actively buying the dip, while technical analysis highlights bullish support above the psychological $110,000 level.
Notably, BTC reached an all-time high above $124,000 on August 14.
Whales Buying Bitcoin on the Dip
On-chain data suggests that bulls used the recent rapid price declines as buying opportunities. Analysts at CryptoQuant report a rising accumulation trend among large holders.
Crypto analyst Axel Adler Jr. noted a significant shift in Bitcoin exchange netflow. The 30-day moving average of net outflows jumped from -1.7K to -3.4K BTC per day, indicating that coins are leaving centralized exchanges faster than they are being sold.
This accelerated removal of coins from exchanges during a price dip signals strong long-term conviction among buyers. Historically, divergence between increasing net outflows and falling prices has preceded upside reversals.
“Amid price weakness, we see consolidation in net outflows: the Exchange Netflow-30D moving average became more negative, shifting from -1.7K to -3.4K BTC/day. That means coins are being withdrawn from CEXes faster than they are being sold. Such a change during a down market is a bullish divergence, where participants use the retracement to repurchase coins,” Adler Jr. said.
Santiment’s on-chain analysis corroborates this pattern: top whales and large “shark” wallets continued accumulating even during the mild pullback.
🐳🦈 Bitcoin’s key whales & sharks are continuing to accumulate after the mild dip from last week’s all-time high. With prices -6.22% since August 13th, wallets with 10-10K $BTC have accumulated 20,061 more coins.
When we zoom out, this same group of key stakeholders has added… pic.twitter.com/v6YNvyRk50
— Santiment (@santimentfeed) August 18, 2025
With BTC down more than 6% from its peak, wallets holding between 10 and 10,000 BTC added roughly 20,061 coins.
“Zooming out, the same group of key stakeholders has added 225,320 BTC since March 22. There has been a notable correlation between this group’s holdings and subsequent price direction over most of the past five years,” Santiment noted.
What Are the Price Outlooks for Bitcoin?
Technically, Bitcoin is trading within a broad range, with support near $112,000 and resistance around $120,000. Panic selling over recent weeks has left some holders in a negative mood, and CryptoQuant warns that some may be dumping at a loss.
“This loss-selling event becomes a critical barometer of market health. If absorbed quickly, it could mirror past resets that fueled strong recoveries. If not, it risks signaling a collapse of momentum,” crypto analyst Kerem said.
Given on-chain signals of strong accumulation and technical indicators that support a bullish stance, BTC’s outlook remains largely optimistic.