New Data Indicates Strong Accumulation Phase for Bitcoin
New data from the market intelligence firm Glassnode suggests that Bitcoin (BTC) is currently experiencing a strong accumulation phase. Glassnode’s insights reveal a growing demand for Bitcoin, as evidenced by investor activity on major exchanges like Coinbase and Binance.
Positive Investor Activity on Coinbase and Binance
Glassnode reports that both Coinbase and Binance are seeing positive investor activity, with Coinbase experiencing intense net buying pressure and Binance showing a decrease in sell-pressure. This indicates a prevailing “buy-the-dip” behavior among investors on these exchanges.
Key Support Range and Demand Zone
Glassnode highlights a key support range between $93,000 and $95,000 based on buying trends over the past 30 days. This range is expected to act as a strong support level in the event of any short-term market pullback, representing a demand zone where investors perceive value.
Short-Term Holder Supply in Profit/Loss Ratio
One metric that may determine the market’s bullish momentum is the Short-Term Holder (STH) Supply in Profit/Loss Ratio, which currently sits above 9. This ratio indicates that more than 90% of STH supply is in profit, supporting the continuation of bullish momentum. A sustained drop below this level could signal a shift in market strength.
Futures Market and Market Momentum
Glassnode notes that the futures market has yet to fully adjust to the recent buying spree in the spot market. While open interest and funding rates are not fully aligned with spot market momentum, options market positioning reflects a cautious but optimistic outlook. There are currently few signs of excessive long leverage in futures markets.
As of the latest data, Bitcoin is trading at $104,191, up 1% on the day. The market dynamics and investor sentiment indicate a positive outlook for Bitcoin in the near term.
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