The crypto market is struggling to regain the recent losses. Now, an important analytics firm said that there is one particular investor class that has been accumulating Bitcoin like crazy.
Glassnode recently shared a chart that is indicating smaller addresses with 100 Bitcoin or less have generally been buying BTC for the past six months. It’s also important to note the fact that addresses with 10,000 BTC or less have been accumulating since December.
The largest Bitcoin whales – meaning addresses with more than 10,000 BTC – started accumulating in the middle of February, according to Glassnode’s heatmap chart.
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $43,370.
📈 #Bitcoin $BTC Number of Non-Zero Addresses just reached an ATH of 40,276,163
Previous ATH of 40,275,801 was observed on 05 February 2022
View metric:https://t.co/VtoChZbLsa pic.twitter.com/hTnHlN9GeU
— glassnode alerts (@glassnodealerts) February 27, 2022
Bitcoin bullish case
A popular analyst says that the bull case for Bitcoin (BTC) is gaining steam amid strong price action, and that crypto is becoming “serious money” following recent geopolitical developments.
In the latest TechnicalRoundup newsletter, the pseudonymous analyst known as Cred says that Bitcoin’s reclaim of the $40,000 level is going very well for the top crypto by market cap’s technical market structure.
“As for technicals, the market is approaching multi-timeframe resistance in the mid-$40000 area. $46000-$47000 is a decent weekly line in the sand. Moving into it, there are some positive signs.”
He continued and said this:
“Two in particular. First, the move into resistance is following a higher low. Second, this is the third test of that resistance in quite a short period of time. In general, the more a resistance is tested from the same direction, the weaker it becomes.”
The geopolitical situation is really tight these days, and we can see this mirrored in the markets as well.
