The S&P 500 Index (SPX) rose marginally by 0.24% last week, but Bitcoin succumbed to selling pressure and fell nearly 11%. Will Bitcoin resume its uptrend, or has it already topped out? That is the big question worrying investors. However, the whales do not seem to be perturbed by the sideways price action and have been on a buying spree. According to a post on X by market intelligence platform Santiment, Bitcoin whale wallets holding 100 Bitcoin or more surged by 283 wallets to 16,129 wallets, the highest in 17 months.

Bitcoin could be under pressure in the near term as September has historically been a weak month for Bitcoin, with an average return of -4.45%. However, market participants are looking further out, expecting a strong performance in October, which has an average return of 22.90%, according to CoinGlass data.

Bitcoin closed below the immediate support of $58,000 on Sept. 1, but the bears failed to drag the price to the pivotal level of $55,724. This suggests demand at lower levels. The bulls will try to push the price above the moving averages. If they can pull it off, the BTC/USDT pair may rally to $65,000.

This level is expected to act as a formidable hurdle in the near term. That will keep the pair inside the large range between $55,724 and $73,777 for some more days. Conversely, if the price turns down from the 20-day EMA ($60,007), the bears will make one more attempt to yank the price below $55,724. If they are successful, the pair could plunge to the Aug. 5 intraday low of $49,000.

Lastly please check out the advancement’s happening in the cryptocurrency world

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