Bitcoin

April

Spot

<a href="https://www.newsbtc.com/news/bitcoin/bitcoin-whale-addresses-hit-15-month-high-a-sign-of-growing-accumulation/">Bitcoin holders</a> have again reaffirmed their faith in the <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-btc-sees-accumulation/">flagship crypto</a> despite its recent price declines. This follows recent data showing that Bitcoin accumulation addresses recorded a new <a href="https://bitcoinist.com/bitcoin-breaks-through-69000-setting-new-record/" rel="nofollow">all-time high (ATH)</a> amidst the current market downward trend.&nbsp; 
<h2 id="accumulation-addresses-record-new-all-time-high-of-bitcoin-inflows">Accumulation Addresses Record New All-Time High Of Bitcoin Inflows</h2> 
<a href="https://cryptoquant.com/community/dashboard/660025a1c5dce70945da9714" rel="nofollow">Data</a> from the on-chain analytics platform CryptoQuant shows that over 27,700 BTC was transferred into <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-btc-sees-accumulation/">accumulation addresses</a> between April 16 and 17. This is a new all-time high (ATH) for these addresses in terms of their daily Bitcoin inflows.&nbsp; 
Before now, the highest amount of BTC sent to these addresses in a day stood at 25,500, recorded on March 23 earlier this year. Interestingly, the March 23 record came just about a month after Bitcoin inflows into <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-whales-buying-spree/">accumulation</a> addresses <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-btc-sees-accumulation/">hit an all-time high (ATH)</a> of 25,300 BTC on February 21.&nbsp; 
Accumulation addresses are wallets with no outgoing transactions and have a balance of over 10 BTC. Accounts belonging to <a href="https://bitcoinist.com/bitcoin-coinbase-premium-deep-red-reason-crash/#:~:text=The%20%E2%80%9CCoinbase%20Premium%20Index%E2%80%9D%20here,and%20Binance%20(USDT%20pair)." rel="nofollow">centralized exchanges</a> and <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-demands-exceeds-supply/">Bitcoin Miners</a> are excluded from this category. Meanwhile, these addresses must have received two incoming transactions, with the most recent occurring within the last seven years.&nbsp; 
These addresses can be considered the most bullish on Bitcoin, and the growing accumulation trend from these wallets shows how much faith these long-term holders have in the flagship crypto. Furthermore, they are also believed to be positioning themselves ahead of the <a href="https://bitcoinist.com/bitcoin-bull-market-glassnode/" rel="nofollow">bull run</a>, as BTC may never drop to these price levels once it comes into full force.&nbsp; 
Meanwhile, CryptoQuant’s CEO, Ki Young Ju, also highlighted the significance of this development, noting that on-chain accumulation has remained “very active” even as the demand for <a href="https://bitcoinist.com/without-spot-bitcoin-etfs-btc-down-20-founder/" rel="nofollow">Spot Bitcoin ETFs</a> has <a href="https://bitcoinist.com/demand-spot-bitcoin-etf-stagnates-4-straight-weeks/#:~:text=Spot%20Bitcoin%20ETFs%20are%20crypto,saved%20the%20hassle%20of%20custody." rel="nofollow">stagnated for four weeks</a>. This suggests that Bitcoin bulls could help shore up the demand gap left open by these ETFs.&nbsp; 
<h2 id="btc-price-shows-strength">BTC Price Shows Strength</h2> 
Bitcoin dropped below the $60,000 support level following reports about <a href="https://bitcoinist.com/israel-attack-could-spark-interest-in-crypto/" rel="nofollow">Israel’s retaliatory attack</a> on Iran. However, the <a href="https://bitcoinist.com/bitcoin-will-hit-100k-this-june-kiyosaki/" rel="nofollow">flagship crypto</a> showed strength as it quickly rebounded above the $60,000 price mark. This is significant considering how much Bitcoin and the broader crypto market declined rapidly following Iran’s attack against Israel on April 13.&nbsp; 
Furthermore, the quick price recovery also suggests that Bitcoin has established strong support around the $60,000 price range and could be set for a parabolic move to the upside once this period of <a href="https://bitcoinist.com/bitcoin-accumulation-strong-amidst-consolidation/" rel="nofollow">consolidation</a> is over. Crypto analyst Crypto Rover also <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-fell-below-58000/#:~:text=What%20A%20Drop%20Below%20%2458%2C000,for%20the%20flagship%20crypto%20token.">recently commented</a> on Bitcoin’s future trajectory, stating that the crypto token will come out with a “banger” soon enough. 
At the time of writing, Bitcoin is trading at around $62,000, up in the last 24 hours according to <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="nofollow">data</a> from CoinMarketCap.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/YPf2pA8Q/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1530">

Bitcoin Accumulation: You Won’t Believe How Much BTC Holders Have Bought Since The Crash

Table of Contents

NewsBTC

Other articles published on Apr 19, 2024

Bitcoin Advocate Michael Saylor Sells MicroStrategy Stocks Amid Price Surge

Buy alert: Signals predict a 75% uptick in Cardano price

Financial analyst Peter Schiff criticizes Bitcoin’s stability as Gold soars

Crypto Users Shift Focus to FTX Influencers in Lawsuit

Best Cryptos Under $1 to Make a Fortune

Bitcoin Continues to Grapple with Major Resistance Levels

Join our free newsletter for daily crypto updates!