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Bitcoin Accumulation Hits 3-Month High
The Bitcoin (BTC) appears to have begun as the price of BTC has been hovering below the $60,000 mark for a week.
According to data from Glassnode, BTC’s accumulation trend has risen from 0.05 on June 1 to 0.44 on July 10. This level has not been seen since April 11, when the flagship cryptocurrency was trading at $70,000.
BTC Price and Accumulation Trend Score – July 11 | Source: Glassnode
The indicator started to rise as the German government was I unload its BTC holdings over the past week, causing bearish momentum across the market and FUD (fear, uncertainty, and doubt). As a result, the price of Bitcoin has plummeted below the $54,000 mark.
On July 10, CryptoQuant reported that Bitcoin whales started to accumulate activity as the market drifted into uncertainty, increasing their balances at a monthly rate of 6.3%.
According to data from Glassnode, the number of whales holding at least 1,000 BTC (about $58.2 million at the time of reporting) rose from 1,640 on July 1 to 1,643 on July 10.
This move shows that the big whales expect a market recovery despite the German government’s bearish selling.
Today, Bitcoin and most of the major altcoins have seen a downward momentum ahead of the release of U.S. inflation data, scheduled for today at 8:30 a.m. ET (12:30 UTC). The global cryptocurrency market cap has slipped 1% and currently stands at $2.24 trillion.
BTC has dropped 1.35% in the last 24 hours and is trading at $58,200 at the time of writing. The asset’s market cap stands at around $1.14 trillion with a daily trading volume of around $25 billion.