A whale lurking in the shadows. MicroStrategy has a strategy of accumulating BTC. Since August 2020, the company has accumulated no less than 152,800 BTC. A previously silent company has accumulated 118,000 BTC.. The price having recently dropped to $26,000The accumulated amount thus exceeds $3 billion. Despite the fall in price, BTC is experiencing a period of significant accumulation.
Bitcoin price falls 1.4% in 24 hours
BTC tried to rise again, but the sellers quickly showed themselves. The Bitcoin price a fell by 1.4%.it is now back at 26,000 dollars :
In one week, the falls by 1%.. In one month, BTC posted a drop of over 10%.. However, the pair BTC/ETH pair has been stagnating for a month..
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Traders continue to withdraw BTC from exchanges
Recently, the price close to $25,000. L’on-chain analysis allows us to understand movements in exchange platforms. This information can help us understand whether operators are depositing their precious BTC on exchanges (green), or withdrawing them (red) :
According to information from the Glassnode website, when the price was close to the 30,000operators continued to withdraw their BTC from exchanges. This is in stark contrast to April, when operators massively deposited the king of cryptocurrencies on exchange platforms. A few weeks later, the fell by 20%.. Since 2022, we note that BTC has tendency to leave exchange platforms. This shows a strong accumulation on the part of operators who are confident in the future of the king of cryptocurrencies.
Bitcoin price returns to $26,000
The price attempted a rebound, but it was done rejected at the resistance at $26,700. From then on, the price returned to the support at $26,000 :
The price is showing a dynamic pattern of rising highs and lows. To continue the trend, the price will have to break the resistance at $26,700 and close above the last peak. In this case, the price could return to the resistance at $27,300. On the other hand, if support gives way, the price could return to the support at $25,000. For its part, the RSI broke the bearish trendline. It should continue to post ascending lows and highs as it develops above 60.
Since the beginning of 2022, BTC has been trending out of exchanges. A build-up is underway on the king of cryptocurrencies. In the short term, the price is once again in an uptrend. To continue this trend, we need to defend the $26,000 level and break the $26,700 resistance level. If this scenario unfolds, the price could return to $27,300. With the recent fall in BTC Binance Coin (BNB) is close to the abyss.
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