Bitcoin

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<p class="is-style-lead">Bitcoin is back at $27,000 after recording a rally of close to 2% within a 24-hour run. Trading at $27.400, BTC recorded a 1.7% gain within 24 hours as of press time, with trading volume rising by 12%.</p><p><a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin’s</a> volatility levels are rather low now as the Bollinger bands converge to show lower volatility. The relative strength indicator also moves above its average line, signaling a possible bullish trend. The MACD indicator is also moving in the positive region.</p><figure class="wp-block-image size-full"><img width="824" height="523" src="https://crypto.news/app/uploads/2023/05/image-46.png" alt="Bitcoin reclaims $27k as accumulation turns to distribution - 6" class="wp-image-14157784"><figcaption class="wp-element-caption"> BTC 24-hour chart source | <a href="https://www.tradingview.com/chart/zhJr3zVm/?symbol=BITSTAMP%3ABTCUSD" rel="noopener noreferrer nofollow">TradingView</a></figcaption></figure><div class="cn-block-related-link"><span class="cn-block-related-link__prefix"> You might also like: </span><a href="https://crypto.news/bitcoin-on-chain-metrics-suggest-an-early-bull-market/" class="cn-block-related-link__link" rel="noopener noreferrer nofollow"> Bitcoin on-chain metrics suggest an early bull market </a></div><h2 class="wp-block-heading" id="whales-shift-bitcoin-strategy">Whales shift bitcoin strategy</h2><p>In a recent assessment of bitcoin’s accumulation trend score by Cohort, significant changes have been observed, indicating a shift in the behavior of different participant groups within the cryptocurrency market.</p><p>Notably, the largest holders of bitcoin, known as whales (with holdings exceeding 10,000 BTC), have transitioned from a phase of heavy accumulation to a more balanced state characterized by an equal inflow and outflow of tokens.</p><figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper"><blockquote class="twitter-tweet"><p>When assessing the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> Accumulation Trend Score by Cohort, we note that the largest of Whales (&gt;10K BTC) have transitioned from a regime of heavy accumulation to one of equally balanced inflows and outflows.<br><br>With all other major cohorts aggressively distributing coins, the… <a href="https://t.co/mzoORrDyhs" rel="noopener noreferrer nofollow">pic.twitter.com/mzoORrDyhs</a></p>— glassnode (@glassnode) <a href="https://twitter.com/glassnode/status/1658867686279872515?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 17, 2023</a></blockquote></div></figure><p>While whales exhibit a more nuanced approach to their <a href="https://crypto.news/free-bitcoins/" rel="noopener noreferrer nofollow">bitcoin</a> holdings, the situation is quite different for other major holders in the market.</p><figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper"><iframe title="Ripple Makes Moves Against the SEC | Bitcoin Whales Accumulate" src="https://www.youtube.com/embed/wEbkCItAZFM?feature=oembed"></iframe></div></figure><p>The analysis reveals that these cohorts actively distribute their coins, suggesting a broader trend of selling rather than accumulation. This transition among the whales carries implications for the overall market sentiment and potential price dynamics.</p><p>The shift from heavy accumulation to balanced flows indicates a more cautious approach by the largest bitcoin holders. It may suggest that these whales have reached a level of satisfaction with their existing holdings.</p><div class="cn-block-related-link"><span class="cn-block-related-link__prefix"> Read more: </span><a href="https://crypto.news/btc-supply-last-active-in-2-to-3-years-hits-2-year-high-amid-consolidation/" class="cn-block-related-link__link" rel="noopener noreferrer nofollow"> BTC supply last active in 2 to 3 years hits 2-year high amid consolidation </a></div>

Bitcoin reclaims $27k as accumulation turns to distribution

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