- The HODL level of BTC reaches a highest point in 2 years.
- Bitcoin accumulation score for 10-100 BTC and <1 BTC hits 1.0.
In the past two weeks, Bitcoin [BTC] Had to keep his upward trend. The King Coin has continued to exchange aside and reaches a low point of $ 104k and a high point of $ 107k.
Despite these struggles, long -term holders remain convinced more than ever of Bitcoin’s potential.
As far as the HODL level of Bitcoin is at the highest level in the past two years. This identifies enormous accumulation, in which Hodlers show a strong conviction about the prospects of BTC.
Source: Checkonchain
This market conduction is also clear in Bitcoin’s reserve risk, which was held positive and was on the press of 0.01.
Source: Checkonchain
As a result, market dynamics and behavior have changed, especially with long -term holders. The group has shifted to buy again.
According to Glass nodeBTC’s large holders started to collect again, after they have shifted to the distribution briefly.
Source: Glassnode
Accordingly, all wallet Cohorten now show different degrees of buying, with the strongest activity in the 10-100 BTC and <1 BTC groups.
These groups acquire Bitcoin aggressively, with the accumulation for both groups that affect 1.0.
In the midst of these, long -term holders, the net position has continued to rise, as a result of which 847.2k BTC at the time of the press, a persistent increase of 698k in the past week. This also means that LTHS accumulates BTC.
Source: Checkonchain
Historically, higher accumulation through medium and small -scale buyers results in a tightening offer. This is due to upward pressure on price movement over time.
The rising conviction in the market suggests that even when the price movement of Bitcoin can be careful, there is still future potential.
Is rising accumulation the boost that BTC needs?
Undoubtedly, a shift from distribution to accumulation of large and long -term holders is a welcome development for Bitcoin.
These market players are usually experienced and smart money can further influence the BTC price action.
Now that Hodlers keep holding their coins and buy large holders, Bitcoin is now positioned for a possible outbreak of consolidation.
However, the market still has to experience a positive impact of this shift in Hodler’s behavior.
Until other market players follow, BTC will continue to act sideways, because buying large holders and the accumulation of LTH currently only absorbs sales pressure from small -scale sellers on the market.
This has left the market in a period of balance.