After breaking through $29000, optimism in the market began to rise again, and many people believe that whether Bitcoin [BTC] can break through $30000 is only a matter of time, not whether it will occur.Bitcoin is in a critical positionAlthough 73% of Bitcoin holders are currently in a profitable state, the blockchain insight platform points out that there may be resistance due to the accumulation of over 1
After breaking through $29000, optimism in the market began to rise again, and many people believe that whether Bitcoin [BTC] can break through $30000 is only a matter of time, not whether it will occur.
Bitcoin is in a critical position
Although 73% of Bitcoin holders are currently in a profitable state, the blockchain insight platform points out that there may be resistance due to the accumulation of over 1.4 million addresses in the region.
One of the important reasons for this region is the historical demand for Bitcoin at this level. For example, institutional investors such as Michael Saylor's Microstrategy and Elon Musk's Tesla have purchased large amounts of Bitcoin near these prices.
Smooth sailing may come soon
In order to avoid this situation, a significant increase in holdings is necessary, as previously more than 496 BTCs may need to be stored in the area between $29796 and $30673. So, Glasssnode's data shows that as of the time of publication, the cumulative trend score of Bitcoin is 0.72.
The accumulation trend score is a value from 0 to 1, reflecting the relative size of entities actively accumulating currency on the chain relative to their BTC holdings.
Whenever the value of this indicator approaches zero, it means that the market is in a distribution mode. Therefore, the above value implies accumulation over distribution.
Therefore, the likelihood of Bitcoin hitting $30000 is much higher than the likelihood of falling below $29000.
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