On April 19, according to Cointelegraph, Glassnode data shows that the bitcoin whale is still in the strong accumulation area. Large holders (whales and sharks) who currently hold more than 100-1000 bitcoins are absorbing bitcoins at the fastest rate in history. The current absorption of this group has exceeded 300% of the annual issuance of bitcoin. At the same time, the bitcoin holdings of exchanges continue to decline, and the annual absorption rate has dropped to -200%, indicating that investors are more inclined to long-term holding or self-custody.
In addition, the address trend accumulation score of more than 10,000 BTC is about 0.7, indicating that it is still in a strong accumulation state. Technical analysis shows that Bitcoin has broken through the multi-month falling wedge pattern. If the current trend continues, the price may break through $100,000 in May. $88,800 is a key resistance level to reverse the market structure. If it cannot break through the bulls, it will not be able to continue to maintain strong momentum.
Glassnode: Bitcoin Whale Remains in Strong Accumulation Zone, Declining Wedge Pattern Signals Potential Bullish Reversal
2025-04-19 09:38:13
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