Bitcoin seems to have established solid support at the $37k level, demonstrated by its swift recovery following a dip to $35,000 upon news about Binance’s SEC fine. While this rebound represents a 122% increase since the beginning of the year, there has been relatively minimal distribution of BTC during this period.
A closer examination of the Bitcoin supply held both by short-term and long-term holders shows a clear accumulation trend across the board. This trend only seems to have increased with Bitcoin’s spike above $37,000, indicating a determination among all holders to buy more BTC.
Glassnode data on long-term holders has been particularly telling over the past year. This cohort, known for their endurance in the market, has seen their holdings grow consistently, especially as Bitcoin’s price surpassed the $37,000 mark. The increase in long-term holder supply shows strong confidence in Bitcoin’s future prospects among these investors.
The Bitcoin accumulation trend score further supports this thesis. This metric, which gauges the degree of accumulation activity within the market, has shown positive signs. An increase in this score general
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Author: Andjela Radmilac
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