Bullish Trend Continues for Bitcoin, According to Analyst, Suggesting Further Elevation in Upward Market Cycle
In a surprising turn of events, significant withdrawals of Bitcoin (BTC) from the crypto exchange Kraken have been observed over the past two days, with 50,000 BTC and another 15,000 BTC being withdrawn. This unusual move, according to CryptoQuant analyst CoinCare, is not typical near the peak of a bull market cycle, suggesting a potential continuation of the Bitcoin bull market.
These reductions in the portfolios of major players have resulted in heightened selling pressure, pushing BTC price below $108,000 in late August. However, at the time of writing, Bitcoin is trading just above $110,000.
The recent withdrawals from Kraken are not the only indicators pointing towards a bullish trend. In fact, Bitcoin reached a new all-time high on August 14, and technical analysis suggests further room for growth for BTC. The digital asset is currently close to invalidating the bearish double-top pattern on the daily chart, which could provide new bullish momentum to BTC.
However, there are signs of caution. A convincing push above the neckline could be crucial for maintaining the bullish trend, as a breakdown below the $98,000 level could spell disaster for the flagship cryptocurrency. There are potential threats to the $107,000 - $108,000 support level, and if Bitcoin fails to defend this level, there is a possibility of a drop to $90,000.
The recent withdrawal trend is not unique to Kraken. Over the past 30 days, large Bitcoin holders, often referred to as 'whales', have reduced their BTC reserves by almost a quarter, liquidating around 115,000 BTC worth approximately $12.7 billion. This includes a notable single sale of 24,000 BTC (around $2.7 billion) on September 3, 2025, which triggered significant market volatility and price drops below $110,000.
According to a CryptoQuant Quicktake post, these withdrawals and the lack of influx of BTC or other cryptocurrencies at market tops suggest there may be at least one more major leg up ahead for BTC. However, the potential for continued selling pressure from large investors in the coming weeks cannot be overlooked.
In conclusion, while there are signs of a potential Bitcoin bull run, investors should exercise caution and closely monitor market trends and technical indicators. A convincing push above the neckline could provide new bullish momentum, but a breakdown below the $98,000 level could spell disaster for the flagship cryptocurrency.
