Source: Cointelegraph Original: "{title}"
Latest on-chain data shows that despite adverse macroeconomic factors leading to downward risks, the richest traders and investors in Bitcoin (BTC) are increasingly bullish on BTC.
Bitcoin whales absorb 300% of new supply
According to data from Glassnode, Bitcoin whales and large holders are now absorbing Bitcoin at a record pace—over 300% of the annual issuance—while Bitcoin is flowing out of exchanges at an unprecedented rate.
Notably, the annual absorption rate of Bitcoin on exchanges has dropped below -200%, indicating that as funds continue to flow out, investors are increasingly leaning towards self-custody or long-term investment.
Meanwhile, larger holders (100–1,000+ BTC) are absorbing Bitcoin at a rate more than three times that of new issuance, marking the fastest accumulation rate of whales and large holders in Bitcoin's history.
This signifies a structural shift as the traditional financial sector increasingly adopts Bitcoin, especially following the approval of Bitcoin spot ETFs last year. The result is a reduction in Bitcoin supply on crypto exchanges and an increase in long-term bullish confidence among large holders.
Most groups are buying Bitcoin on dips
According to Glassnode, Bitcoin whales holding over 10,000 BTC remain in a strong accumulation range, with a trend accumulation score of about 0.7 as of April 18.
This metric quantifies the behavior of different groups, ranging from distribution (0) to accumulation (1). The score indicates the confidence of Bitcoin's largest holders.
In contrast, the selling of smaller groups that have been distributing since the beginning of the year seems to be slowing down. This includes groups holding 10–100 BTC and 1–100 BTC, whose scores have rebounded to neutral territory, around 0.5.
Even the smallest group (holding
On-chain analyst Mignolet added that this whale behavior resembles the performance before the Bitcoin bull market in 2020.
Bitcoin downward wedge breakout suggests $100K
Bitcoin has broken out of a downward wedge pattern that has persisted for several months, suggesting a potential bullish reversal that could drive the price of Bitcoin to $100,000 in May.
A downward wedge forms when price action converges between two downward-sloping trend lines, ultimately resolving through an upward breakout. Traders typically calculate the upside target by measuring the maximum height of the wedge and adding it to the breakout point.
Applying this technical analysis rule, Bitcoin's target price would exceed $101,570.
Conversely, Bitcoin's price is testing its 50-day (red volatility) and 200-day (blue volatility) exponential moving averages (EMA), around $85,300, as resistance. If it rebounds from these EMAs into a bearish trend, Bitcoin's price could retreat to near the upper boundary of the wedge, around $80,000.
Market analyst Scott Melker wrote: "The 200-day moving average still acts as a resistance above, and the level of $88,804 remains a key barrier to changing market structure and creating higher highs." He also added: "This is encouraging, but not yet convincing. Bulls need to demonstrate further strength."
Related: Bitcoin supporter PlanB fiercely criticizes Ethereum: "Centralized and pre-mined garbage coin"
This article does not contain investment advice or recommendations. Every investment and trading action carries risks, and readers should conduct their own research before making decisions.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
