Coinbry

  • Market Cap: $2,665,558,577,404.44
  • 24h Vol: $87,010,127,625.84
  • BTC Dominance: 49.83%
Investors' Growing Interest Evident in On-Chain Data as Bitcoin Price Dips to $29.5K

Investors’ Growing Interest Evident in On-Chain Data as Bitcoin Price Dips to $29.5K

– 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.

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