Data from on-chain analytics company Glassnode reveals this bitcoin Investors have been aggressively hoarding cryptocurrencies lately, which is a trend that could happen help Prolongation of the running march.
accumulation direction score” Do key The indicator is parsed, because it reflects whether bitcoin Investors accumulated or distributed digital asset over the past Month.
accumulation trend score It does not just refer to the size of Coins are bought or sold by holders, however also wallet sizes of the participants included in process of accumulation or distribution.
a score Close to 1 indicates the presence of large entities or a large number of small investors currently pile up asset. Conversely scores Close to 0 indicates that holders are distributing or not accumulating much at the moment.
Chart showing trend in the bitcoin accumulation trend score over the past a few years shows it during the first months of the latest In height, the scale was closer to zero, which means that the distribution is large took place between large entities. This may indicate that investors were not confident that the rally would occur last And they were anxious to secure their profits.
However, the recent trend has shifted like price Close to $30,000. Interestingly, the current rally appears to be following a similar pattern to the April 2019 rally, which started in getting up of bear market lowest f faced big distribution in its early stages.
When this rally approached the “cycle baseline”, the investor behavior Shift toward heavy accumulation, and the indicator turns dark purple (values are very close to 1). The April 2019 rally saw sharp upward momentum after this buildup began.
with the price of bitcoin It is now approaching the $30,000 mark, which is the trend of accumulation score he have also turned towards accumulation. This level represents the baseline of the current Which bears a structural resemblance to the 2018-2019 cycle.
If the continuous rise continues follow the pattern of In April 2019 March, the recent shift towards accumulation could be positive development for the price leap. on time of writingand bitcoin He is trading About $28,200, which is an increase of 4% over the past week.
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