Bitcoin Accumulation Remains Thin Amid Recent Consolidation
- The Bitcoin Cost Basis Distribution (CBD) for short-term holders shows a thin accumulation band during recent consolidation.
- A significant supply cluster formed at price lows in November, providing initial support but later went underwater as prices fell.
- Current accumulation is modest, forming between the $62k–$72k range, lacking intensity compared to previous phases.
- At present, Bitcoin is trading around $71,100, marking a nearly 5% increase over the past week.
Despite some buying activity within the $62k–$72k range, the accumulation lacks the strength seen in earlier periods that led to sustained growth. The foundation for a mid-term breakout remains thin as recent consolidation has not resulted in significant supply clusters.
The current thin accumulation suggests limited support for a substantial price movement in the near term, despite Bitcoin’s recent price increase to approximately $71,100. Source
