Bitcoin Shows Signs of Accumulation Amid Price Compression
- Bitcoin ETFs saw inflows of $477 million, with BTC trading between $107,500 and $114,000.
- Traders defended price dips in the $107,000 to $108,000 range while sellers capped breakouts at $112,000.
- Glassnode’s Bitcoin Accumulation Trend Score is currently at 0.924, indicating significant accumulation by larger entities.
- Technical analysis suggests that ongoing price compression may lead to a breakout as volatility decreases.
- Spot buyers are active across various order sizes on exchanges like Binance and Coinbase.
The upcoming US macroeconomic calendar may resolve current market fears affecting cryptocurrency prices. Analysts suggest that Bitcoin’s consolidation phase could end soon, potentially signaling a recovery for altcoins as well.
With Bitcoin’s recent ETF inflows and strong accumulation trends indicated by the score of 0.924, there is optimism about a potential rise back toward the $120,000 mark.(Source)
