- The supply of BTC on exchanges fell, while the off-exchange supply increased.
- Derivatives market stats also looked optimistic for BTC.
Bitcoin [BTC] has been in the accumulation phase for several weeks now as the price stagnated below $28,000. In general, high accumulation occurs when the market does not perform well, which is then followed by a trend reversal. The same also seemed to be true this time as BTC’s charts turned green.
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Bitcoin accumulation shows effects
Santiment’s June 20 tweet revealed that BTC whales have been quite active lately. Especially wallets with 1,000 – 10,000 BTC have collected a combined $3.5 billion since the first week of April.
#BitcoinThe whales of ‘s were busy as the public watched prices fall over the past two months. Now back above $27,000, it is far from coincidental that portfolios of 1,000 to 10,000 $BTC have collected a combined $3.5 billion since the first week of April. https://t.co/LUEaQLeXTy pic.twitter.com/z8U5tCa9OQ
— Santiment (@santimentfeed) June 20, 2023
Due to the increased purchasing power of the whales, the market may experience price increases in the short term. That was already apparent from the price charts, as it turns out CoinMarketCapBTC price rose 2% and 1% in the last seven days and the last 24 hours, respectively.
At the time of writing, the king coin was trading at $26,766.55, with a market cap of over $519 billion.
A look at BTC’s offerings
The accumulation trend continued right through to press time, as shown by Santiment’s chart. The supply of Bitcoin on exchanges fell sharply, while the supply outside exchanges increased. This is a typical bullish signal.
In addition, the total number BTC holders also rose last week. In addition, according to a Santiment reportthe number of unique tokens has also increased to about a 7-week high, which looked encouraging for the coin’s future.
Source: Sentiment
Will this uptrend translate into a bull rally?
Bitcoin’s price action and accumulation trend gave hope for better times ahead. A look at BTC’s on-chain stats sheds light on what the next few days could look like.
Read Bitcoins [BTC] Price prediction 2023-24
BTC‘s exchange reserve declined, suggesting that the currency was not under selling pressure. The binary CDD of the king of crypto was green, meaning that long-term holders’ movements over the past seven days have been below average.
Source: CryptoQuant
BTCThe financing rate also remained high, which suggested that the price trend might last longer. Finally, the Bitcoin taker buy/sell ratio was green, showing that buying pressure was dominant in the derivatives market.
Source: CryptoQuant
