Strong Bitcoin accumulation spotted as BTC price refuses to fall below $30K
Glassnode data reveals that investors with a long-term risk outlook have started accumulating Bitcoin during its recent downtrend. Bitcoin (BTC) price remained relatively flat over the weekend, inching closer to $34,000 on July 11. Nevertheless, BTC/USD has tumbled by almost 50% from its all-time high, near $65,000 in mid-April. But the massive downside move has not deterred investors from betting on the digital asset's long-term bullish outlook.According to one of the Glassnode metrics, dubbed as Liveliness, the Bitcoin market has been noticing a shift in long-term investors' "macro....
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The Bitcoin price expects to grow higher in the coming sessions as a historically accurate indicator flashes signs of substantial accumulation. Spotted by TradingShot, an independent market analysis portal, the “on-chain smart money indicator” shows that influential traders/investors are buying Bitcoin en masse. That is happening despite the cryptocurrency’s inability to sustain above $12,000. It, therefore, indicates strong support at $10,000, a level Bitcoin has held since late July 2020. “This is a bullish sign […]