The past few days have seen an uptick in market volatility.In a new, pseudonymous CryptoQuant analyst IT Tech found that on the 16th of April, inflows into BTC accumulation addresses exceeded 27,000 BTC.
The analyst described an accumulation address as an address with no record of outgoing transactions, a balance exceeding 10 BTC, no link to any centralized exchanges or miners, received more than two incoming transactions.According to the report, the last all-time high inflows to these addresses were recorded on the 22nd of March, when they received 25,100 BTC.It is no longer news that the crypto market has declined in the past few weeks.
The surge in BTC accumulation in the face of recent headwinds is due to the anticipation of a post-halving price rally.data, a year after the 2012 halving, BTC’s price climbed by over 8,000%. Similarly, a year after the 2016 event, the coin’s value rose by 295% and by 559% 365 days after the 2020 event.The current decline in selling pressure could be gleaned from the steady decrease in the coin’s exchange reserve., in the last week, the amount of BTC held on crypto exchanges has fallen by 1%.
As of this writing, 1.94 million BTCs worth around $119 billion at press time market prices are held on exchanges.Bitcoin’s Price PredictionReadings from BTC’s daily chart showed that the gap between the upper and lower bands of its Bollinger Bands indicator has widened steadily in the past few days.When the gap between these two bands widens this way, it indicates an increase in volatility. It suggests the asset’s price is moving more aggressively and can break out in either direction.
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