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Bitcoin

3-Year High: Bitcoin (BTC) Investor Sentiment Surges – Details

Christian Encila
by Christian Encila
1 year ago
·
Posted in Bitcoin, Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a significant development for the cryptocurrency space, Bitcoin (BTC) is experiencing a surge in accumulation, reaching a three-year high in the Accumulation Trend Score. This indicates growing confidence from major players in the market.

Related Reading: Much Ado About Nothing: Bitcoin Mining Eats Up Only 2% Of US Electricity, Study Finds

Crypto analyst Ali Martinez first brought attention to this trend, highlighting that the Accumulation Trend Score has remained near 1 for the past four months. This score is used to gauge the buying activity of large entities, and a value closer to 1 suggests active accumulation.

#Bitcoin is witnessing one of its most significant accumulation streaks in almost 3 years!

Notably, the Accumulation Trend Score has hovered near 1 for the past 4 months, signaling that larger entities are accumulating $BTC. This trend indicates strong confidence in the market! pic.twitter.com/QcJOEhzBUb

— Ali (@ali_charts) February 1, 2024

Bullish Momentum Grows As Bitcoin Whales Expand In Rapid Accumulation

Further bolstering this bullish sentiment, Bitcoin whales – entities holding 1,000 BTC or more – have been accumulating at a notable pace. The number of such whales has increased by 4.5% in just two weeks, adding approximately 67 new entities to the club.

This institutional interest signifies growing optimism in the leading coin’s long-term potential. Observers are closely monitoring these developments as Bitcoin attracts increasing attention from established players.

BTCUSD slightly above the $43K level today. Chart: TradingView.com

Market Sentiment & Activity

As of today, Bitcoin is priced at $42,201, reflecting a slight dip of 1.5% in the last 24 hours. However, the cryptocurrency has shown positive performance over the past week, with a 5.15% increase in value.

The 24-hour trading volume for BTC has also seen a significant jump of 14%, reaching $26 billion. This surge indicates heightened market activity.

However, despite the prevailing positive sentiment, data from Coinglass reveals substantial liquidations in the Bitcoin market, totaling $58 million. Notably, $46 million of these liquidations involved long positions, while $12 million were associated with short positions. This data suggests a degree of volatility amidst the ongoing institutional accumulation.

Source: Coinglass

Looking Ahead

The sustained accumulation trend, coupled with growing institutional interest, paints a potentially bright picture for Bitcoin’s future. This ongoing buying spree could not only bolster confidence in the present but also contribute significantly to the long-term stability and growth of the broader cryptocurrency market.

Related Reading: Gold Rush Over? $25 Billion Bitcoin ETFs Outshine Precious Metal, Luring Investors

However, it’s crucial to acknowledge the short-term volatility indicated by the liquidations. Additionally, external factors like regulations and macroeconomic news can always influence market sentiment and Bitcoin’s price. Therefore, investors should conduct thorough research and maintain a cautious approach before making any investment decisions.

The intricate interplay between accumulation, liquidations, and market trends will undoubtedly be closely watched in the coming days as Bitcoin navigates its dynamic landscape.

Featured image from iStock, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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