Several crypto market analytic services claim that Bitcoin miners are in the process of increasing their beacon coin holdings. The news about the accumulation demand has been noted by Glassnode and CryptoQuant. The services also note that the hashrates for the flagship cryptocurrency have improved recently.
It is worth noting that due to the mining exodus imposed by the government of China, more than 50% of the total hashrate of the network was down in the last two months. Furthermore, the experts from CryptoQuant believe that miners opting to increase the demand for accumulation are a good sign for the bull market. He further added that the miners have a good technical understating of the market, and therefore, they can sense that a rise in price movement is coming.
Small Investors Are More Active Than Whales
New data from cryptocurrency newsletter firm Ecoinometrics claims that the small Bitcoin investors have become more active in the market. According to the crypto metrics services that investors who hold less than 1 BTC unit have started to increase in numbers in the last two months. The service also took a look at the whales that had been busy creating selling pressure.
However, the analysts at Ecoinometrics believe that since June, the number of small investors with accumulation interest in Bitcoin has increased to a significant level. The report claims that the small investors have also been able to absorb the selling pressure created by the whales in the last few months.
(Advertisement)
CypherMind-HQ.com Artificial Intelligence Crypto Trading System – Get Ahead of the Curve with this sophisticated AI system! Harness the power of advanced algorithms and level up your crypto trading game with CypherMindHQ. Learn more today!
The data from Glassnode confirms that the buying pressure is greater in comparison to the selling pressure for Bitcoin. The report published by Ecoinometrics also claims that the whales have started to change their stance on the market and acquire more Bitcoin, which changes the entire outlook of the market.
The report also suggests that Bitcoin might have a chance to go all the way to the psychological resistance level at $50K. Glassnode recently noted that between $45K and $50K, there is a strong support area for Bitcoin. Rekt Capital also confirms that between the aforementioned support ranges, many small fry investors have purchased Bitcoin aggressively.
