Bitcoin’s W Shaped Recovery, All You Need To Know About The Trend

Bitcoin has had interesting price moves over the past week. The benchmark cryptocurrency has fallen below $ 30,000, a level it has tested several times since falling on May 19.

However, this week some trends have returned. For now, the accumulation of powerful weapons and skilled players continues. Last week it looked like the accumulation phase was almost over.

However, the illiquid supply change index (wallets with few transactions) has continued its upward trend due to the strong accumulation of large investors with 7 consecutive green bars this week. Additionally, the 30 day supply change from illiquid to illiquid as shown in the graphic below has hit up to 95,800 BTC.

Source: Glassnode

Commenting on the same thing on the podcast, on-chain analyst William Clemente said.

“Institutions have held BTC for more than 155 days, but they barely sold. This shows that the BTC offer is being shifted to these institutions. “

Interestingly, Long Term Holders (LTH) shopped this week, offsetting sales from Short Term Holders (STH). Glassnode’s chart shows that LTH added 21,136 BTC to its holdings while STH sold the same amount.

Although the graph depicting the number of whales (units greater than 1,000 BTC) remains unchanged, the number of new units appearing on the network shows a remarkable W-shaped recovery. Commenting on the same thing, said Clemente.

“There really is a big W on the table, but I think most of it comes from retailers.”

Source: Glassnode

Stressing the main reason he believes the capital inflows are from retailers, Clemente stressed that the market has not seen a surge in new whale numbers lately. However, this is a prerequisite for the further growth of the market.

China’s crackdown on mining is already clearly visible in the indicators. Firstly, the hash rate has dropped significantly, and secondly, miners have started to reduce their inventories from the point of view of selling pressure. The pressure doesn’t appear to be significant, however, according to the analyst. In fact, all miners just fell 5,125 BTC according to the Miner Balance Index in their holdings since the end of May.

Despite the ongoing stagnation in the market, the net accumulation and unit growth appear to be on track. At the time of writing, Bitcoin is trading at $ 35,240.

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