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Bull Case Grows: Millions of Bitcoin are Being Sent to Dormant Accumulation Addresses

Cole Petersen by Cole Petersen
2 years ago
in Bitcoin
0
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  • Bitcoin’s price action has remained rather stagnant throughout the past couple of days, with bulls being unable to catalyze a break above $40,000 on the first attempt
  • The selling pressure here remains quite significant, and whether or not this level can be firmly broken above could set the tone for its mid-term trend
  • From a technical perspective, Bitcoin’s short-term outlook remains somewhat unclear, as it is currently moving lower despite bullishness amongst altcoins
  • It may soon reclaim some of its dominance over the market and soar higher, but the resistance at $40,000 remains a major hurdle
  • One on-chain analyst is now noting that there’s nearly 3 million BTC currently held in accumulation addresses, up 17% in the past year. This is a bullish fundamental sign for the crypto

Bitcoin has been struggling to gain any serious momentum throughout the past few days and weeks, with sellers building massive resistance around $40,000.

The crypto has posted a strong rebound from its recent lows of $30,000 set last week, but it remains largely unclear whether or not the v-shaped recovery seen in the time since is enough to spark a new wave of growth.

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One on-chain analyst is noting that, despite technical uncertainty, Bitcoin remains fundamentally bullish. He is pointing to a continuous rise in Bitcoin accumulation addresses, noting that this suggests that continued growth is imminent.

Bitcoin Slides Lower Following $40,000 Rejection

At the time of writing, Bitcoin is trading down over 5% at its current price of $37,120. This marks a notable decline from its recent highs of $40,000 that were tapped yesterday.

The selling pressure here remains, for the time being, insurmountable, and any continued downside may prove to be grave for the entire market.

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BTC Sees Strong Retail Accumulation Trend  

One bullish trend currently underpinning Bitcoin’s growth is a rapidly growing accumulation pattern amongst retail investors.

This is elucidated by the number of so-called “accumulation addresses” that the crypto has, which currently contain 2.7 million dormant BTC.

“2.7 million $BTC are held in accumulation addresses – that’s an increase of 17% in the past year. These are addresses that have received at least 2 incoming transactions and have never spend funds. Miner and exchange addresses are excluded,” one on-chain analyst said.

Bitcoin

Image Courtesy of Rafael Shultze-Kraft. Source: Glassnode.

If this pattern continues, it could keep providing Bitcoin with an undercurrent of strength that ultimately allows it to see significantly further long-term upside.

Featured image from Unsplash.
Pricing data from TradingView.
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Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

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