Bitcoin Accumulation Continues ! On-Chain Analysis Reveals BTC Breakout Is On Horizon!

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Bitcoin Accumulation Continues

Even if the BTC price briefly returned to $40,000 on Saturday morning before dropping back into the red zone, crypto hodlers are continuing to buy the dip.

As Bitcoin accumulation continues, whale transactions have reached a new peak. Analysts are looking for evidence of a breakout in the Bitcoin price trend.

According to Glassnode data, 76.5 percent of Bitcoin has remained unchanged in the last six months. Since 2020, the concentration of unspent Bitcoin held by whales who bought the asset ten years ago has risen.

The number of Bitcoin transactions between $100,000 and $1 million has reached an all-time high, indicating a surge in accumulation and a drop in the circulating quantity of the asset.

The Bitcoin HODL waves graphic from Glassnode shows the band of active supply by age and captures Bitcoin accumulation.

Each band depicts the percentage of Bitcoin that has moved the most recently in the specified time period. The indicator is said to be useful in forecasting Bitcoin’s next move.

Whales’ Bitcoin holdings have historically signaled an impending BTC price increase. Glassnode’s wallet cohort trend accumulation score is used to detect a shift in Bitcoin’s trend.

If the dynamics from January and February 2022 continue unchanged, whale buying and accumulation might help Bitcoin bulls keep the asset’s price over $40,000.

Will BTC Price Start a Fresh Rally?

While geopolitical tensions rise, bearish concerns about the Bitcoin price remain. However, a rise is likely if BTC price maintains consistent in the $35,000 to $45,000 region, with horizontal correction.

Bitcoin price has made a few attempts in recent sessions to generate momentum in order to break through the $39,800 resistance. The bears, on the other hand, stayed active and safeguarded a move above $40,000 in value.

Bitcoin has remained closely connected to stocks, according to on-chain analytics company Santiment, as traders wait for a breakthrough sign.

According to Santiment, a shift toward Gold and dissociation from stocks might be an indication of a Bitcoin rebound.

On Monday, the Bitcoin price is aiming to establish a foothold near the $38,000 mark, indicating that higher inflation is on the way.