Bitcoin (BTC )’s richest merchants and investors say they are increasingly optimistic to BTC despite the risk of falling due to disadvantaged macroeconomic factors.
Bitcoin whales absorb 300%of new supply
According to GlassNode, Bitcoin whales and sharks are absorbed by BTC at a record speed of 300%of the annual publication, which is that exchange is losing coins at a historical speed.
In particular, the annual absorption rate of Bitcoin plunged to less than -200% as the leak continued. This is increasing the preference for self -use or long -term investment.
Meanwhile, larger holders (100-1,000+ BTC) account for more than three times the new issuance and the fastest accumulation of sharks and whales in Bitcoin history.
This shows structural changes as traditional finance adopts BTC more and more. Especially last year, there is a Bitcoin ETF. As a result, there are few BTC supply and long -term convictions on encryption exchange among large holders.
Most cohorts are purchasing BTC price dip
According to GlassNode, Bitcoin whales with more than 10,000 BTCs remain in strong accumulation territory, and as of April 18, the trend accumulation score is about 0.7.
This metrics quantify the cohort operation from the distribution 0 to the accumulation (1). The score means the confidence among the largest holders of Bitcoin.
In contrast, the sale of small cohorts distributed earlier this year seems to be slowing down. This includes 10-100 BTC and 1-100 BTC groups, and the score has returned to a neutral zone of about 0.5.
Even the smallest cohort
Onchain analyst MIGNOLET added that whale behavior is similar to Bitcoin’s 2020 Bull Run.
Bitcoin falls wedge brake out for $ 100k.
BITCOIN is out of the multi -dollar wedge pattern, and you can see the potential optimistic reversal that can increase the price to $ 100,000 by May.
The price behavior is formed when a contract is concluded between two down slopes trend lines and the falling wedges are formed. The trader usually measures the maximum height and adds the results to the brake out point to measure the rising target of the wedge.
Applying this technical analysis rules will be more than $ 101,570 for Bitcoin.
relevant: Four reasons for the Bitcoin price in April for $ 90K
On the contrary, the price of the BTC is tested for $ 85,300 for the 50 -day (red wave) and 200 days (blue wave) index (EMA). The weak rejection of this EMAS is at risk of taking the price of a BTC at a top trend line of Wedge and taking a risk of $ 80,000.
Market Analyst Scott Melker said, “The 200 -day moving average remains overhead and the horizontal level of $ 88,804 is still a key barrier with high printing.
“It’s not convincing yet, but it’s not convincing. The bulls must do their best.”
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.