was consolidating around old all-time highs as of this writing, as market participants eagerly waited for a decisive move to the next big target of $75,000.The good news was that buying activity remained strong. According to AMBCrypto’s analysis of Santiment’s data, Bitcoin’s accumulation trend score was 0.78 at press time, implying that most of the larger entities were adding to their positions.
The bullishness was also reflected in the rapidly increasing number of whale addresses i.e, addresses holding a minimum of 1,000 coins. As of the 30th of March, the total number of whale entities was 1,617, up from 1,565 same time last month.The optimism was most likely driven by expectations of higher inflows into Bitcoin spot ETFs. These investment vehicles have captured the majority of Bitcoin’s supply since they began trading early January.
The On Balance Volume mirrored the price action as of this writing, suggesting a balance between bullish and bearish forces. The Moving Average Convergence Divergence indicator looked likely to make a bullish crossover with the signal line. Such an event could increase the chances of Bitcoin’s elevation in the days ahead.Aniket is a full-time journalist at AMB Crypto. With experience in news publishing and content management, he is now increasingly tangled up in the web of cryptocurrencies and blockchains. His focus lies on the intersection between cryptos and traditional finance.
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