Bitcoin Long-Term Holders Have Been Accumulating In July, Analysts Report
Portfolio Pulse from Murtuza Merchant
Bitcoin long-term holders have been accumulating in July, according to a report by Glassnode. The Accumulation Trend Score has reached its maximum value, indicating significant accumulation. Despite market turbulence, the spot price remains above the Active Investor Cost Basis, suggesting underlying strength. However, the Cumulative Volume Delta shows persistent sell-side pressure.
August 13, 2024 | 3:57 pm
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Bitcoin long-term holders have been accumulating in July, with the Accumulation Trend Score reaching its maximum value. Despite market turbulence, the spot price remains above the Active Investor Cost Basis, indicating underlying strength.
The report indicates significant accumulation by long-term holders, which is a positive sign for Bitcoin's price stability and potential growth. The spot price remaining above the Active Investor Cost Basis suggests that investors are still optimistic about future price movements.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100