According to Cointelegraph, Glassnode data shows that Bitcoin whales are still in a strong accumulation zone, with large holders (whales and sharks) holding 100-1000 or more bitcoins absorbing Bitcoin at the fastest rate in history. The current absorption of this group has exceeded 300% of the annual issuance of Bitcoin. At the same time, the Bitcoin holdings on the exchange continue to decline, with an annual absorption rate of -200%, indicating that investors are more inclined to hold for the long term or self custody.
In addition, addresses holding over 10000 BTC have a trend accumulation score of about 0.7, indicating that they are still in a strong accumulation state. Technical analysis shows that Bitcoin has broken through its multi month downward wedge shape. If the current trend continues, the price may exceed $100000 in May. $88800 is a key resistance level to reverse the market structure, and if it cannot break through the bulls, it may not be able to maintain its strong momentum.
