• Bitcoin holders are continuing to accumulate despite the price rise, signaling a surge in hodling behavior.
• Supply in profit is growing while a bearish divergence appears on the MACD.
• Glassnode’s analysis reveals that Bitcoin supply last active between one year and five years ago is increasing, indicating a notable lack of on-chain movement.
Bitcoin Accumulation Persists Despite Price Increase
Bitcoin holders continue accumulating despite its price rise, signaling a surge in hodling behavior. Supply in profit grows while a bearish divergence appears on the MACD. Recent data revealed that despite Bitcoin [BTC] reaching its current price, the enthusiasm for accumulating it has remained strong with over 27,000 BTC being accumulated per month.
Growing Inactive Supply Indicates Lower On-Chain Movement
Glassnode’s analysis revealed that a growing portion of Bitcoin supply is inactive, indicating a notable lack of on-chain movement. The supply last active chart showed an increasing number of coins joining this category with over 55.6% last active between two years ago or more and 69% last active one year ago or more. This suggests that holders are firmly entrenched in an accumulation regime with long-inactive coins making up the majority of supply.
MACD Showing Bearish Divergence
The MACD indicator also shows some signs of bearish divergence as Bitcoin’s price rises higher. The trend line indicates that there may be some short-term selling pressure as buyers start to take profits off their positions according to the current market sentiment and what the technical indicators suggest about upcoming movements within the next few days or weeks ahead.
Accumulation Across Various Price Ranges Defying Market Trends
Holders have accumulated across various price ranges, defying market trends even as Bitcoin experiences an upward trajectory further highlighting the unwavering commitment of holders to accumulate this digital asset. This accumulation trend grew stronger around February but has persisted even during subsequent declines showing investors‘ strong commitment towards investing and HODLing BTC regardless of market conditions or sudden dips in prices which could affect their decision making process going forward when it comes to buying more crypto assets such as this digital currency for long term investments purposes .
Conclusion
Despite recent market volatility, data from Glassnode indicates that investors remain committed to accumulating BTC regardless of price fluctuations and other external factors affecting its value over time – suggesting increased investor confidence in cryptocurrencies now compared to just a few months ago when prices were much lower than they are today. Furthermore, the increase in inactive supply points to reduced amounts of trading activity currently taking place on-chain which can be attributed both to investors holding their funds for longer periods than usual due to uncertainty surrounding future prices and overall low levels of liquidity currently present within markets worldwide due to macroeconomic instability among other things .