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Signs of Accumulation Emerge as Bitcoin (BTC) Shipped to $110K
Bitcoin’s value has recently surpassed the $107,000 mark and has continued to climb, reaching a staggering $110,500. This sudden surge in price is accompanied by indicators that suggest growing demand for the cryptocurrency.
A notable metric from Binance trading activity is the Taker Buy/Sell Ratio, which measures the volume of buy orders relative to sell orders. Currently, this ratio stands at 1.1, indicating a significant increase in buying pressure compared to selling. Historically, values above 1 have been associated with growing demand and bullish market behavior.
Further supporting this narrative is the 90-day Buy/Sell Pressure Delta, which tracks the accumulation of Bitcoin across the market. While not yet reaching excessive levels, the current trend suggests sustained demand without signs of overheating. This environment could contribute to a gradual price increase.
Bitcoin’s UTXO (Unspent Transaction Output) 1-day to 1-week band has also broken out, signifying that newer coins are entering into profit and being held rather than sold off. Previous instances where this metric was breached have been followed by transitions from distribution phases to re-accumulation phases, typically indicating the entry of a fresh cohort of investors who are buying and holding Bitcoin.
Additional evidence comes from an analysis of long-term holders (LTH), whose Realized Cap has surpassed $56 billion. This data suggests that coins are being moved into wallets which have historically held assets for over 155 days. These wallets tend to be managed by “smart money” that accumulates, rather than selling, during periods of market optimism.
Considering the cumulative evidence from these factors, it appears that Bitcoin’s fundamentals are strengthening and investor confidence is growing. This may precede a potential upward move in the cryptocurrency’s price, despite recent June jitters.
Source: cryptopotato.com
