Bitcoin Holds Above $84,000 as Whales Accumulate Over 41,000 BTC Despite Mixed Momentum

Bitcoin traded near $84,200 on Thursday, holding above the $84,000 level as the cryptocurrency market balanced renewed institutional demand and whale accumulation against elevated Treasury yields and weaker spot momentum. Ethereum was trading around $2,700, while major altcoins recorded mixed movements. Softer August inflation data in the United States has reduced expectations of an October Federal Reserve rate hike, although the more favourable rate outlook has not yet translated into a sustained Bitcoin recovery.

Bitcoin fell around 0.3 per cent over the previous 24 hours, according to the data cited in the report. Despite the short-term decline, large holders have accumulated more than 41,000 BTC over a 10-day period, providing support to the market. At the same time, speculative futures demand has dropped sharply, with demand reportedly falling 90 per cent over two weeks, while rising deposits of altcoins on exchanges have emerged as another cautionary signal.

Among major cryptocurrencies, Binance Coin was trading around $770, Solana near $119, XRP around $1.50 and Dogecoin near $0.095. The broader market remained mixed as investors assessed the effect of monetary policy expectations, institutional flows and changing levels of speculative activity. Bitcoin gained around 6.35 per cent during September despite a stronger dollar and elevated Treasury yields, breaking its usual seasonal pattern.

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Prateek Gupta, Head of Business at Mudrex, said elevated Treasury yields had limited Bitcoin's recovery even as whales accumulated more than 41,000 BTC. He also pointed to the sharp decline in speculative futures demand as evidence of lower leverage but weaker momentum, while rising altcoin deposits on exchanges remained a cautionary factor. Vikram Subburaj, CEO of Giottus.com, said strong inflows into US spot Bitcoin ETFs during September supported the recovery, although spot demand had moderated in recent sessions.

The latest US inflation data has also influenced expectations around monetary policy. August PCE inflation was reported at 3.4 per cent year-on-year, while core PCE inflation stood at 3 per cent. Analysts cited in the report said the softer inflation reading had reduced expectations of an October Federal Reserve rate hike. The CoinSwitch Markets Desk said Bitcoin had continued to hold above its 50-, 100- and 200-day moving averages and recorded its strongest weekly close since January, although the inflation data had not yet produced a sustained move higher.

Market participants are now watching Bitcoin's $82,000-$82,500 support zone and the $85,000 level for signs of the next move. Institutional flows, US jobs data and upcoming inflation readings are expected to remain important factors for the market. Analysts cited in the report said moderated spot buying, weaker speculative futures activity and increased altcoin exchange deposits continue to indicate mixed momentum despite continued accumulation by large Bitcoin holders.

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