– Bitcoin price dropped below $30,000 on July 18, but on-chain data suggests it may not represent a shift in the trend.
– The $30,000 level is being viewed as an accumulation zone, with buyers continuously stepping in between $28,000 and $25,000.
– Glassnode’s Bitcoin Accumulation Trend Score indicates that larger entities are accumulating BTC at the current price levels.
– Bitcoin is currently in a crab market, consolidating and remaining range-bound.
– Breaking through the $32,000 level could catalyze a CME gap fill and potentially lead to a trend reversal.
– Traders’ activity in the derivatives market has been relatively muted, with no significant surge indicating a massive breakout.
– On-chain metrics show that long-term holders are accumulating BTC and increasing their allocation to it.
– The Total Balance in Accumulation Addresses metric has been on an uptrend since March 16.
– Despite short-term price action, on-chain data suggests compelling investor activity in Bitcoin.