Bitcoin holders have reaffirmed their confidence in the EU flagship crypto despite the recent price drops. This follows recent data showing that Bitcoin accumulation addresses registered a new all-time high all-time high (ATH) amid the current market downtrend.
Accumulation Addresses Record New Record High of Bitcoin Inflows
Facts from on-chain analytics platform CryptoQuant shows over 27,700 BTC transferred to it accumulation addresses between April 16 and 17. This is a new record (ATH) for these addresses in terms of their daily Bitcoin inflows.
To date, the highest number of BTC sent to these addresses in a day was 25,500, recorded on March 23 earlier this year. Interestingly, the March 23 record came only about a month after Bitcoin’s inflow accumulation addresses reaching an all-time high (ATH) from 25,300 BTC on February 21.
Accumulation addresses are wallets with no outgoing transactions and a balance of more than 10 BTC. Accounts belonging to centralized exchanges And Bitcoin miners are excluded from this category. Meanwhile, these addresses must have received two incoming transactions, the most recent of which occurred within the last seven years.
These addresses can be considered the most bullish on Bitcoin, and the growing accumulation trend of these wallets shows how much confidence these long-term holders have in the flagship crypto. Moreover, they are believed to position themselves ahead of the market running of the bullsas BTC may never drop to this price level again once it comes into full effect.
Meanwhile, CryptoQuant CEO Ki Young Ju also highlighted the importance of this development, noting that on-chain accumulation has remained “very active” even as demand for Discover Bitcoin ETFs has stood still for four weeks. This suggests that Bitcoin bulls could help close the demand gap these ETFs leave open.
BTC price shows strength
Bitcoin fell below the $60,000 support level after reports of this Israel’s retaliatory attack about Iran. however, the flagship crypto showed strength as it quickly recovered above the $60,000 price line. This is significant considering how much Bitcoin and the broader crypto market fell rapidly after Iran’s attack on Israel on April 13.
Moreover, the rapid price recovery also suggests that Bitcoin has gained strong support around the $60,000 price range and it could make a parabolic move to the upside once this period of consolidation is over. Crypto analyst Crypto Rover too recently commented about Bitcoin’s future trajectory, declaring that the crypto token will emerge with a “banger” soon enough.
At the time of writing, Bitcoin is trading around $62,000, up in the past 24 hours according to facts from CoinMarketCap.
BTC price recovers above $64,000 | Source: BTCUSD on Tradingview.com
Featured image from Crypto News, chart from Tradingview.com
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