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Cryptogambling / Bitcoin accumulation persists despite recent price drop

Bitcoin accumulation persists despite recent price drop

Publish Date: 20/07/2023

Stock Photo, tags: price - images.unsplash.com

Despite Bitcoin’s (BTC) price falling below $30,000 on July 18, there has been a stable purchasing trend in the market as traders see the current price range as a chance to accumulate the token.

This sentiment is further supported by Glassnode’s Bitcoin Accumulation Trend Score, which indicates that a significant portion of the network accumulates Bitcoin when the price hovers around $30,000.

This behavior mirrors the accumulation patterns observed in the $28,000 to $24,000 range and near the supposed bottom at $16,800. In November and December of 2022, buyers accumulated a large volume of Bitcoin. They continued to be heavy accumulators from March to April 2023, when the price surpassed the $30,000 mark.

According to cryptocurrency experts, there is a potential rebound for Bitcoin if the price remains above the $30,000 resistance level. Many investors view Bitcoin as a long-term investment with potential price growth.

When the price is low or at a potential bottom, they may accumulate it in anticipation of future profits. However, breaking below this level may lead to a decline toward $28,000.

The current metric suggests they follow a similar pattern in July, either anticipating a breakthrough of the $30,000 resistance or reacting to the positive news surrounding ETFs and the SEC’s stance on XRP.

Bitcoin stuck in β€˜crab market’

The current price action and data from the derivatives market indicate that Bitcoin is stuck in what is known as a “crab market.” In this type of market, the price of Bitcoin stays within a specific range and does not move much for a long time.

Looking at Bitcoin’s weekly market structure, the $30,000 level acted as support in the previous bull market cycle but currently serves as resistance. If Bitcoin breaks above $30,000, analysts say the trend will reverse. The next resistance point will be around $37,000, according to analysts at Cointelegraph.

Activity in the derivatives market also contributes to the current crab market. Funding is down, and open interest remains relatively low. While the recent dip below 100 in the DXY may be connected to the Federal Reserve’s steps on inflation, analysts say it is too early to expect an immediate massive reaction from Bitcoin.

JLabs analyst JJ the Janitor said it would be worth monitoring the aggregate open interest metric. There are opportunities to buy during price dips if the metric significantly decreases from the current range.

BTC’s on-chain metrics signal resilience

BTC’s metric still shows an overall upward trend, albeit with sideways movement. News, regulations or legislative events could influence a notable increase in open interest.

While the short-term price movements of Bitcoin may cause concern for newer investors and day traders, looking at on-chain data provides a more compelling perspective, said Cointelegraph.

Moreover, the Total Balance in Accumulation Addresses metric has shown a resumption of its upward trend since March 16, when the price of BTC was $25,000. This metric also indicates that the total balance held in accumulation addresses has been increasing since January 2022, when the price of Bitcoin was around $47,800 per coin.

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