Bitcoin accumulation uptrend can create a 2013-style BTC price ‘double pump’
Long-term Bitcoin holders remain unfazed by the recent sell-off, but there is still one alarming sign. A recent run-down in Bitcoin’s (BTC) price from about $65,000 to as low as $30,000 did not force long-term holders into selling, Glassnode data shows.The on-chain analytics platform revealed a spike in Bitcoin reserves held in wallets with lower unspent output just as BTC/USD’s bids were crashing. Meanwhile, the data also shows a Bitcoin collecting spree among miners — the entities that produce and supply newly minted cryptocurrencies for retail markets. As a result, the active BTC supply....
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With the bitcoin price hovering near $50,000, it appears a 2013-style "double bubble" is in the cards.
Ethereum classic price continued its uptrend and gained by more than 20%. However, I feel it may be topping soon for a short-term correction. Key Highlights Ethereum classic price surged higher against Bitcoin and traded close to the 0.0048BTC level. There is likely a double top pattern forming around the mentioned level, so the bulls need to be very careful. There is a bullish trend line formed on the hourly chart of ETC/BTC, which may act as a support if the price corrects lower. Ethereum Classic Price Resistance Ethereum classic price ETC surged further during the past 24 hours against....
The "Bitcoin Bubble Index" is heavily hinting that another BTC price local peak will come this year. Bitcoin (BTC) is facing a “double bubble” and will see two price tops this year, fresh data suggests.In a tweet on Aug. 18, Charles Edwards, CEO of investment firm Capriole, highlighted 2021 as having one key similarity to the 2013 double top bull cycle.Bitcoin gears up for second peakBitcoin has divided opinion over whether its 2021 bull run is more like 2013 or 2017 — the other two years which immediately followed block subsidy halving events.Looking at one metric, unrealized profit and....
On-chain data shows Bitcoin miner reserve has showed a sharp spike recently, suggesting that miners are currently loading up on the crypto. Bitcoin Miner Reserve Shoots Up; Trend Of Accumulation From Last Year Continues As pointed out by an analyst in a CryptoQuant post, the BTC miner reserve has shown strong uptrend recently. This seems to be a continuation of the accumulation trend from the last year. The “miner reserve” is an indicator that tells us the total amount of Bitcoin currently stored in the wallets of miners. When the trend in the metric is towards up, it means....
Latest data from Glassnode shows investors in the Bitcoin market have shown strong accumulation behavior recently. Bitcoin Holders Show Strong Accumulation For First Time In Months As per the latest weekly report from Glassnode, the BTC accumulation trend score has shown a value of more than 0.9 in the past couple of weeks. The “accumulation […]