Bitcoin holders have reaffirmed their trust in the Flagship Crypto despite recent price declines. This follows recent data showing that Bitcoin accumulation addresses saw a new surge All-time high (ATH) amid the market's current downward trend.
Accumulation addresses record new all-time high in Bitcoin inflows
Data from on-chain analytics platform CryptoQuant shows that over 27,700 BTC have been transferred Accumulation addresses between April 16th and 17th. This is a new all-time high (ATH) for these addresses in terms of their daily Bitcoin inflows.
To date, the highest amount of BTC sent to these addresses in a day was 25,500, recorded on March 23 this year. Interestingly, the March 23 record was reached just about a month after Bitcoin inflows accumulation Addresses reached an all-time high (ATH) of 25,300 BTC on February 21st.
Accumulation addresses are wallets with no outgoing transactions and have a balance of over 10 BTC. Accounts belonging to centralized exchanges And Bitcoin miners are excluded from this category. By now, these addresses must have received two inbound transactions, with the most recent occurring within the last seven years.
These addresses can be considered the most bullish for Bitcoin, and the growing trend of accumulation in these wallets shows how much confidence these long-term holders have in the flagship cryptocurrency. In addition, they are also believed to position themselves at the top Bull runas BTC may never fall to these price levels again once it comes into full effect.
Meanwhile, CryptoQuant CEO Ki Young Ju also highlighted the importance of this development, noting that on-chain accumulation remained “very active” despite increasing demand Explore Bitcoin ETFs has stagnated for four weeks. This suggests that Bitcoin bulls could help fill the demand gap created by these ETFs.
BTC price is showing strength
According to reports, Bitcoin fell below the $60,000 support level Israel's retaliatory attack on the subject of Iran. However, that is Flagship Crypto showed strength as it quickly recovered above the $60,000 price level. This is significant considering how much Bitcoin and the broader crypto market declined rapidly following the Iranian attack on Israel on April 13th.
Furthermore, the quick price recovery also suggests that Bitcoin has built strong support in the $60,000 price range and could be set for a parabolic bullish move during this period Consolidation is over. Also the crypto analyst Crypto Rover recently commented about the future development of Bitcoin and explained that the crypto token will soon hit the market with a “bang”.
At the time of writing, Bitcoin is trading at around $62,000, up over the last 24 hours Data from CoinMarketCap.
BTC price recovers above $64,000 | Source: BTCUSD on Tradingview.com
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