- BTC briefly rose to the $72,000 price range.
- The accumulation volume has increased recently.
Bitcoin [BTC] has recently experienced a surge that has pushed the stock past its previous all-time highs, paving the way for potential new records.
Amid these substantial price increases, data indicates that investors witnessed increased inflows, indicating a positive trend for the asset.
Bitcoin investors demand more
The recent rise in the price of Bitcoin in recent days has coincided with an increase in accumulation.
AMBCryptos of BTC inflows to accumulation addresses via CryptoQuant revealed that both volume and address balances had reached their highest points in a significant time frame at the time of writing.
Source: CryptoQuant
As of March 11, the inflow exceeded 28,000 BTC, and the cumulative balance at these addresses exceeded 1 million BTC. This indicated growing demand from investors.
More Bitcoin holders are sending their holdings to exchanges
Despite the noticeable increase in Bitcoin accumulation by investors, some traders have chosen to take advantage of the gains.
When AMBCrypto took a closer look at Bitcoin’s flowchart, we noticed that the current week showed greater inflows than outflows.
Especially on March 11, during a significant price increase, the dominance of the inflows was evident, when more than 5,000 BTC hit the exchanges.
Source: CryptoQuant
This prevalence of inflows implied that holders were depositing more Bitcoin into exchanges than withdrawing, indicating a potential sell-off.
This development was not unexpected, given the recent substantial increase in the price of Bitcoin.
BTC moves to new ATH
AMBCrypto’s examination of Bitcoin’s daily timeframe chart found that trading ended around $71,401 on March 11.
During that trading session, BTC’s price briefly exceeded $72,000 before experiencing a decline. This was the first time in its history that it reached that price range, if only temporarily.
At the time of writing, Bitcoin was trading at around $71,850, reflecting an increase of less than 1%.
Source: trading view
Additionally, Bitcoin’s Relative Strength Index (RSI) was showing convergence at the time of writing. It was above 80, indicating both a strong bull trend and an overbought status for the king coin.