Pre Open US - Bitcoin 24 Aug 2023

An unidentified Bitcoin holder has gathered 118,300 BTC worth $3.13 billion within around three months, sparking curiosity about their identity. Data from Bitinfocharts reveals that the address "bc1q….59v2" began its Bitcoin accumulation on May 8, 2022, starting with an initial purchase of 0.25 BTC. This marked the beginning of an increasingly rapid accumulation trend, continuing until its most recent transaction on June 28. This entity now ranks as the third-largest whale, trailing behind crypto exchanges Bitfinex (holding 178,010 BTC) and Binance (with 248,597 BTC).

The interaction between Bitcoin, cryptocurrencies, and real yields is drawing attention as traditional finance grapples with changing implications for real yields. Shifts in real yields, which consider inflation-adjusted US treasury yields, have an impact on risk assets like Bitcoin. A rise in real yields typically leads to a decrease in Bitcoin's value, as investors turn to safer assets. Factors like inflation and nominal rates influence real yields. The actions of the Federal Reserve and upcoming speeches, such as Jerome Powell's address at Jackson Hole, have the potential to affect real yields and subsequently influence cryptocurrencies. Investors should exercise caution due to the possibility of market volatility arising from such events.

Technically, BTC has broken the trend channel and the trend line that supported the price and also the 200MA. The next support is expected to be around 25,000. This level has functioned as a strong support and resistance level in the last four instances.