Bitcoin
Bitcoin Accumulation Hits 3-Month High
Bitcoin (BTC) the accumulation phase appears to have begun as the BTC price has been below the $60,000 mark for a week.
According to data provided by Glassnode, the BTC accumulation trend increased from 0.05 on June 1 to 0.44 on July 10. This level has not been seen since April 11, when the leading cryptocurrency traded at $70,000.
BTC Price Trend and Accumulation Score – July 11 | Source: Glassnode
The indicator started to rise while the German government was unloading their BTC holdings last week, causing market-wide bearish momentum and FUD (fear, uncertainty, and doubt). Consequently, the price of Bitcoin fell below the $54,000 mark.
On July 10, CryptoQuant reported that Bitcoin whales started to accumulate the asset while the market wandered in uncertainty, increasing its balances at a monthly rate of 6.3%.
According to data from Glassnode, the number of whales holding at least 1,000 BTC — approximately $58.2 million at the time of reporting — increased from 1,640 on July 1 to 1,643 on July 10.
This movement shows that the big whales expect a market recovery, despite the low sales by the German government.
Today, Bitcoin and most major altcoins had a downward momentum ahead of the release of US inflation data, scheduled for today at 08:30 ET (12:30 UTC). The global cryptocurrency market cap is down 1% and currently stands at $2.24 trillion.
BTC is down 1.35% over the past 24 hours and is trading at $58,200 at the time of writing. The asset’s market cap is hovering at $1.14 trillion with a daily trading volume of approximately $25 billion.