Despite the recent price drop, Bitcoin fans are still bullish on the crypto. Data shows that addresses used for long-term storage (called “accumulation addresses”) have reached a record high in terms of daily Bitcoin inflows.
Accumulation Addresses at an All-Time High
Over 27,700 BTC was moved into accumulation addresses on April 16-17. This is the highest amount ever recorded for these addresses in a single day.
Accumulation addresses are wallets that hold at least 10 BTC and haven’t sent any Bitcoin out. They’re seen as a sign of long-term confidence in Bitcoin.
Bitcoin Bulls Position Themselves
The increase in accumulation suggests that long-term holders are buying the dip and preparing for a potential price surge. They believe that Bitcoin may not drop to these levels again once the market recovers.
Bitcoin’s Strength
Despite the recent dip, Bitcoin has shown resilience by quickly rebounding above $60,000. This suggests that it has strong support around this price range and could be poised for a rally once the consolidation period ends.
Crypto analyst Crypto Rover predicts that Bitcoin will make a significant move upwards soon.
At the time of writing, Bitcoin is trading around $62,000, up from the previous day.
