Latest market analytics underscore robust redistribution and accumulation of Bitcoin ($BTC) among investors. As per Glassnode, the Bitcoin market has been experiencing massive accumulation as well as redistribution among investors over the recent 6 months amid the volatile conditions. The blockchain analytics firm took to its official X account to share exclusive insights into the resilient Bitcoin accumulation.
$BTC Investors Steadily Accumulate and Distribute Holdings within $60,000-$67,000 Range
Glassnode has pointed toward the Bitcoin accumulation that occurred between September and October last year. During the respective period, the top crypto asset went through a strong accumulation within the range of $60,000 and $67,000. Throughout the period between November and February, several Bitcoin addresses saw continued accumulation. Notably, some investors are currently active, raising cost basis. This indicates significant confidence in the long-term value of Bitcoin.
The respective development highlights continued engagement among the new accumulators. In this respect, these holders are potentially getting a better position instead of panic selling amid the prevailing price fluctuations. Bitcoin reportedly recorded a wider accumulation period within the price range of $96,000-$98,000. A few investors who purchased Bitcoin within the above-mentioned range have started redistributing the holdings thereof. Even then, this cluster maintains its density. Hence, the persistent supply within the range could present a strong resistance level in the case Bitcoin reclaims the respective price spots in the near term.
Latest Market Entrants Show Clear Selling Signals
The 1-month data concerning the Cost Basis Distribution of Bitcoin discloses significant overview of the holders. In this respect, a few $BTC holders who bought the assets within the aforementioned range have begun disseminating the respective holdings. Specifically, investors who became a part of the market in February’s start and the previous week, have exhibited indications of selling operations.
Nevertheless, the data additionally brings to the front the information about the investors who purchased Bitcoin in the $60,000-$67,000 range. They reportedly acquired Bitcoin in that zone between September and October. At the moment, these holders are engaging at considerably increased price levels. Thus, they are either accumulating more $BTC or increasing cost basis of their holdings. Moreover, the 1-week overview of the CBD indicates the forming of latest demand clusters within the $84,000-$92,000 range. This demonstrates the inclusion of more capital, likely absorbing a part of the latest sell-side pressure.
