Key Points
- Bitcoin’s price drop led to significant accumulation in some wallets, with over 20,000 BTC being accumulated during the price struggle.
- The supply of Bitcoin on exchanges continues to decline, indicating a bullish trend and a belief in a higher future price.
Bitcoin’s recent price drop to the $67,000 level was a cause for concern for some traders. However, it presented an opportunity for others who saw this as a chance to accumulate more of the cryptocurrency.
Bitcoin Accumulation Increases
During this period of price correction, some whales were accumulating Bitcoin. Over 20,000 BTC were accumulated in whale wallets, suggesting that traders were seizing the opportunity to increase their holdings at lower prices.
An analysis revealed that this accumulation was worth over $1.3 billion, with the price of BTC around $67,000. This significant accumulation underscores the strategic buying by whales during the recent price decline.
Bitcoin Supply on Exchanges Declines
While accumulation increased, the supply of Bitcoin on exchanges declined. Data showed a notable drop in BTC supply on exchanges, with the supply dropping to around 939,000. This is the lowest supply of BTC on exchanges since 2021.
This decline aligns with the accumulation trend and serves as a bullish signal. It suggests that a sharp price decline is unlikely in the near future and shows a strong belief in a higher future price among holders.
Bitcoin saw a brief rebound at the end of trading on 12th June, increasing by over 1% and trading at around $68,248. However, as of this writing, Bitcoin has returned to the $67,000 price range, trading at around $67,350, with a decline of over 1.3%.
Despite the fluctuations, Bitcoin remains close to its support levels, with its short moving average (yellow line) indicating a support level of around $66,000 to $65,000.
