Glassnode: “Change Has Started in Bitcoin!” Is It a Bullish Signal?

Leading cryptocurrency BitcoinIt has been in a downtrend since March when it refreshed the ATH.

Having gone through a turbulent period since March BTC Last week, the price fell to $49,500 as a result of the widespread correction in global financial markets that spilled over into the cryptocurrency market.

As the market continues to digest Bitcoin’s sharp decline that took it to levels as low as $49,000 last week, Bitcoin’s price performance in recent weeks appears to have changed investors’ behavior.

Investors Started Accumulating Bitcoin (BTC) Again!

at this point Glassnode said that BTC investors who had been selling for months have started accumulating Bitcoin again.

Glassnode stated in a blog post published yesterday that after the recent sell-off, investors have shifted to HODL (long-term holding) and accumulation.

Pointing out that the accumulation trend is strong among long-term investors (LTH), according to Glassnode data He said that LTHs have accumulated a total of 374 thousand BTC in the last three months.

“Data shows that 45% of Bitcoin supply has not moved in 6 months. After months of relatively intense selling pressure, Bitcoin investors appear to be shifting their behavior toward HODLing and accumulation.

Overall, on-chain data suggests that Bitcoin holders have strong bullish sentiment.

“The fact that the long-term investor group continues to HODL and accumulate indicates that they expect higher prices. Additionally, the absence of panic selling among this group highlights the durability of their overall belief.”

Analysts Bitcoin He added that although the selling pressure on the price and the market has decreased, this pressure has not yet completely disappeared.

*This is not investment advice.