The trend towards net accumulation of bitcoin continues, that means it

The CryptoQuant analytics team announced some recent bitcoin accumulation and sales data for today’s December 24th. Overall, they believe the Bitcoin net accumulation trend will continue.

However, some whales were selling some of their BTC, according to the tweets.

Bitcoin miners’ inventories are rising to a six-month high

According to CryptoQuant, the top crypto miners remain bullish on BTC as their inventories have now hit a six-month high. According to an article by one of its analysts, Venturefounder, miners now have more bitcoins than they did when BTC was trading at an all-time high of $ 69,000.

He added that miners have been buying more inventory since July this year.

https://twitter.com/cryptoquant_com/status/1474285044512751620?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

3,700 BTC withdrawn from the exchange

The CryptoQuant report also shows that Bitcoin is amassing a lot right now. Recently around 3,700 BTC were transferred from centralized crypto exchanges (based on the 30D moving average of netflow from / to exchanges).

The report’s author points out that these levels are similar to the cumulative rate in September, and at the time, he added, it propelled prices up about 70% from the $ 41,000 low. He wonders if there is a similar increase happening now.

Whales shed BTC

Further data from CryptoQuant shows that the Exchange Whale Ratio hit an annual high of over 0.65, which means that whales are discarding some of their bitcoins.

The report says traders should be cautious until the leading cryptocurrency crosses the $ 51,000 mark. Once it hits $ 51,000 there will be another large resistance in the $ 56,800 area.

On December 23, Bitcoin broke the $ 51,000 mark as traders were hoping for a “Santa Claus rally”. At the time of going to press, the largest cryptocurrency is changing hands at $ 51,153, according to CoinMarketCap.

As U.Today reported on Thursday, Fundstrat managing partner Tom Lee believes that $ 200,000 in Bitcoin will be viable next year after a disappointing 2021. He shared this view during a webinar hosted by the Market Rebellion investment and education platform.