- The number of companies that have at least 1,000 coins has increased significantly.
- The accumulation was based on expectations of higher inflows into Bitcoin spot ETFs.
Bitcoin [BTC] At the time of writing, it was consolidating around old all-time highs (ATH) as market participants eagerly awaited a decisive move towards the next big target of $75,000.
No decrease in accumulation
The good news was that buying activity remained strong. According to AMBCrypto's analysis of Santiment data, Bitcoin's accumulation trend value was at 0.78 at press time, indicating that most major firms were adding to their positions.
Source: Glassnode
The steady accumulation led investors to believe that the BTC market was not yet saturated and there was room for further price increases.
The upward trend was also reflected in the rapidly increasing number of whale addresses, i.e. addresses with at least 1,000 coins. As of March 30, the total number of whale entities was 1,617, up from 1,565 at the same time last month.
Source: Glassnode
The biggest bullish trigger
The optimism was most likely driven by expectations of higher inflows into Bitcoin spot ETFs. These investment vehicles have captured the majority of Bitcoin supply since they began trading in early January.
According to data from SoSo Value, the ten new spot ETFs have attracted more than $12 billion in inflows since their listing.
And demand is likely to grow. Jinze, an analyst at cryptocurrency investment firm LD Capital, predicted a strong performance next week as large funds could move capital into spot ETFs due to quarter-end rebalancing.
What do technical indicators say?
AMBCrypto analyzed some of BTC’s key technical indicators to gain insights into its next directional moves.
The Relative Strength Index (RSI) moved closer to 60, a break of this level could lead to significant bullish optimism.
Read BTC price prediction 2024-25
The On Balance Volume (OBV) reflected the price action at the time of this writing and suggests a balance between bullish and bearish forces.
The Moving Average Convergence Divergence (MACD) indicator appeared to be forming a bullish crossover with the signal line. Such an event could increase the chances of Bitcoin rising in the coming days.
Source: Trading View
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