Although the net taker volume was in a deep negative zone, traders’ sentiment remained bullishon-chain activity has undergone a noticeable shift recently, marking a departure from the previous accumulation trend. For BTC’s price action, the balance between accumulation and distribution is critical to understanding market sentiment. And one metric that explains this is the accumulation trend score.Analysis of the metric suggests a transition towards a more widespread distribution of Bitcoin.
When the accumulation trend score is closer to one, it means that large entities are accumulating. But when the metric inches closer to zero, it depicts a shift toward selling. At press time, the Bitcoin accumulation trend score was 0.05, indicating that large holders’ sentiment was toward the latter.that whales were accumulating Bitcoin in large numbers. And this action was instrumental to the coin’s rise above $30,000 at one point.
If this metric continues to stay the same, then BTC’s consolidation or drawdown may continue to linger. Furthermore, CryptoQuant’s analyst JA_Maartunn noted on 12 August that the BTC’s inability to climb could be linked to the net taker volume.
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