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The Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) accumulation phase seems to have started as the BTC price wanders below the $60,000 mark for a week. 
According to data provided by Glassnode, the BTC accumulation trend surged from 0.05 on June 1 to 0.44 as of July 10. This level hasn’t been seen since April 11, when the flagship cryptocurrency traded for $70,000. 
<figure class="wp-block-image size-large">
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 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/07/glassnode-studio_bitcoin-accumulation-trend-score-1024x576.png.webp"> 
 <img loading="lazy" decoding="async" width="1024" height="576" src="https://crypto.news/app/uploads/2024/07/glassnode-studio_bitcoin-accumulation-trend-score-1024x576.png" alt="Glassnode: Bitcoin accumulation reaches 3-month high - 20"> 
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 BTC price and accumulation trend score – July 11 | Source: Glassnode
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The indicator started to rise while the German government was <a href="https://crypto.news/german-government-moves-56-65m-in-btc-amid-market-wide-fud/">offloading</a> its BTC holdings over the past week, causing a market-wide bearish momentum and FUD (fear, uncertainty and doubt). Consequently, the Bitcoin price plunged below the $54,000 mark. 
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On July 10, CryptoQuant reported that the Bitcoin whales <a href="https://crypto.news/cryptoquant-bitcoin-whales-on-accumulation-spree/">started accumulating</a> the asset while the market wandered in uncertainty, increasing their balances at a 6.3% monthly rate.&nbsp; 
Per data from Glassnode, the number of whales holding at least 1,000 BTC — roughly $58.2 million at the reporting time — rose from 1,640 on July 1 to 1,643 on July 10. This movement shows that big whales expect a market rebound despite the bearish selloffs by the German government. 
Today, Bitcoin and most of the large altcoins saw a <a href="https://crypto.news/crypto-market-falls-ahead-of-the-us-cpi-data-release/">downward momentum</a> ahead of the U.S. inflation data release, scheduled for today at 08:30 ET (12:30 UTC). The global crypto market capitalization slipped by 1% and is currently sitting at $2.24 trillion. 
BTC is down by 1.35% in the past 24 hours and is trading at $58,200 at the time of writing. The asset’s market cap is hovering at $1.14 trillion with a daily trading volume of roughly $25 billion.&nbsp; 
 Read more: <a href="https://crypto.news/trumps-pro-crypto-stance-is-gaining-him-votes/"> Trump’s pro-crypto stance is gaining him votes </a>

Glassnode: Bitcoin accumulation reaches 3-month high

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