To break through the resistance level of $30000 near the price of Bitcoin, more trading volume support is needed.The increase in Bitcoin accumulation may be accompanied by an increase in volatility# BTC#With the breakthrough of the $29000 mark, market sentiment is once again optimistic, and many people firmly believe that whether BTC can surpass $30000 is only a matter of time, not whether it will be achieved
- To break through the resistance level of $30000 near the price of Bitcoin, more trading volume support is needed.
- The increase in Bitcoin accumulation may be accompanied by an increase in volatility# BTC#
With the breakthrough of the $29000 mark, market sentiment is once again optimistic, and many people firmly believe that whether BTC can surpass $30000 is only a matter of time, not whether it will be achieved. However, according to IntoTheBlock's data, achieving this goal may not be easy due to potential resistance around $30000.
Bitcoin is in a crucial position
Although 73% of BTC holders are currently profitable, the blockchain insight platform points out that this price level may face resistance as over 1.4 million addresses accumulate here.
The reason why this price range is so critical is partly due to the historical demand for Bitcoin at this level. For example, institutional investors such as Michael Sellers' MicroStrategy and Elon Musk's Tesla have purchased a large amount of Bitcoin near this price.
This situation also applies to many retail investors. Therefore, some market participants may attempt to close their positions at these price levels, which in turn may hinder the recent upward trend.
Following the wind, the top sail may be about to arrive
To prevent this situation, a large-scale increase in holdings is needed, which may require accumulating over 496 Bitcoins within the price range of $29796 to $30673. According to Glassnode's data, as of the time of writing, the cumulative trend score of Bitcoin is 0.72.
The accumulation trend score is a numerical value between 0 and 1, reflecting the relative size of entities accumulating currency on the chain relative to their Bitcoin holdings.
When the indicator approaches zero, it indicates that the market is entering a distribution mode, so the above values indicate accumulation over distribution.
Therefore, the possibility of Bitcoin reaching $30000 is much higher than the possibility of falling below $29000.
South Korean chain analyst Mignolet believes that as Bitcoin attempts to rise above its writing price, its volatility may sharply increase. Mignolet expressed his opinion on CryptoQuant, pointing out that the 3-6 month expenditure output age range (SOAB) demonstrates the intensification of price fluctuations.
SOAB represents the set of all used outputs within a specific age range. This indicator aims to reveal the behavior of holders in a specific market atmosphere. In response to recent trends, analysts explained:
During this specific period, there is a significant fluctuation of approximately $12000, which can be seen as a sign of volatility. We may soon witness significant price fluctuations
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