How Bitcoin’s record accumulation could fuel a BTC price surge
Main Idea
Bitcoin's network activity and profitability are increasing, with strong accumulation by whales and long-term holders, but short-term traders are creating profit-taking pressure. The price remains steady with potential for further gains if buying momentum continues.
Key Points
1. Bitcoin’s Active Addresses increased by 8% to 793,000 last week, and transaction fees rose 10%, indicating stronger network demand.
2. 94% of Bitcoin’s supply is currently in profit, which could lead to quick sentiment shifts if holders decide to cash out.
3. BTC accumulation has reached an all-time high, driven by significant purchases from whales and long-term holders, including Nakamoto CEO David Bailey and Michael Saylor.
4. At press time, BTC traded at $118,724, holding gains above the 9-day and 21-day SMAs, with the RSI near 58, indicating neutral momentum.
5. Sustained buying from whales could counteract profit-taking pressure and support further price increases.
Description
Assessing if strong hands can beat Bitcoin's profit panic?
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