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Bitcoin (BTC) dropped back below $39,000 on Aug. 2, suggesting that short-term traders were booking profits after the price failed to close above $42,451.67. 

However, lower levels could again attract buying as seen in late July. Data from Santiment showed that Bitcoin held on wallet addresses storing between 100 and 10,000 Bitcoin rose to a new all-time high at 9.23 million Bitcoin on Aug. 1. The previous all-time high for this group of investors was recorded on April 5, just over a week before Bitcoin hit an all-time high of $64,854 on April 14.

Santiment highlighted that the “addresses have accumulated approximately 170,000 more Bitcoin” in the last four weeks. A similar pace of purchase was seen in late December 2020, just before the start of the strong bull move in 2021.

Daily cryptocurrency market performance. Source: Coin360

CoinShares data showed that the assets under management in Bitcoin-focused funds dropped by $20 million last week, its fourth successive weekly decline. Over the past month, Bitcoin funds have witnessed cumulative outflows of $67.8 million.

The data was not all bearish because multi-asset funds attracted cumulative inflows of $7.5 million last week and $11.9 million over the past month.

Could Bitcoin break out of its range and lead the crypto markets higher? Let’s study the charts of the top-10 cryptocurrencies to find out.