- Bitcoin defied the bear market with record high addresses and continued accumulation trends.
- The undervaluation continued as the price showed signs of recovery and positive flows across the exchanges.
Recent statistics indicated that Bitcoin [BTC] had defied the extended bear market by witnessing a wave of addresses. These addresses, in particular, have continued to collect BTC and have recently reached an all-time high, an impressive milestone.
Small Bitcoin holders are piling up more
Glassnode Alerts recently shared an intriguing Bitcoin sighting. Despite the unpredictable fluctuations in the price of Bitcoin, certain Bitcoin addresses have experienced an impressive wave of accumulation.
The Glassnode chart vividly depicted the upward trajectory of addresses with less than one BTC, showing a remarkable growth trend. At the time of writing, this number had passed 4.3 million, a record high.
Source: Glassnode
This address increase could be observed in different Bitcoin price points. It suggested that their expansion could continue regardless of market conditions.
In particular, the chart showed a significant increase of about a million addresses since January, when the count was about 4.2 million. This sharp increase further accentuates the prevailing accumulation trend.
Current Bitcoin valuation
Analysis of the 30-day market value to realized value (MVRV) ratio revealed an interesting insight into the ongoing accumulations. This statistic, observed by Santiment, revealed that certain Bitcoin accumulations may be currently undervalued.
As of April 19, Bitcoin had consistently registered a negative MVRV value.
Source: Sentiment
Also, the 30-day MVRV stood at -0.6 at the time of writing, indicating that BTC was undervalued at the time of writing. It also meant that holders suffered a loss in their holdings.
So despite the accumulation trend, market sentiment towards the value of BTC has been mostly bearish. It also provided an intriguing dynamic for investors and enthusiasts to consider.
Power and price development
At the time of writing, Bitcoin was showing a modest daily increase in value according to the daily timeframe chart. The price of BTC was up less than 1% and hovered around $27,270.
Notably, this was only the second instance of an increase in value in the past seven days, as the cryptocurrency had experienced declines on other days.
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The upward movement also brought BTC closer to crossing the neutral line on the Relative Strength Index (RSI), indicating that a bullish trend may be emerging.
Source: TradingView
In addition to the price movement, Bitcoin has recently witnessed positive flows across several exchanges per Glasnode. At the time of writing, the Netflow for BTC stood at over 2,400 across all exchanges.