Strong Bitcoin Demand and Accumulation Amid Volatility
Bitcoin demand remains strong despite recent price volatility. This sustained Bitcoin demand has driven investors to accumulate 160,000 BTC in the past 30 days, with pure accumulation addresses adding over 50,000 BTC. Off-exchange holdings on OTC desks have fallen from 550,000 BTC in September 2021 to 145,000 BTC, signaling robust buying by institutional players. Technically, BTC is trading between $111,900 support and $115,724 resistance, with key SMAs confirming an uptrend and limited selling pressure. These factors underpin a bullish outlook, with a breakout above $115,724 potentially driving prices toward $122,000. Crypto traders should note these accumulation trends and technical indicators as signals for future trading opportunities.
Bullish
The sustained Bitcoin demand and significant BTC accumulation metrics indicate strong underlying buying pressure. Large off-exchange withdrawals from OTC desks show institutional confidence, reducing available supply. Technically, BTC’s position above key moving averages and within defined support and resistance levels points to limited downward risk. In the short term, a break above the $115,724 resistance could trigger a rally toward $122,000. In the long term, ongoing accumulation by investors and favorable on-chain demand metrics support continued price appreciation. Together, these factors create a bullish environment for BTC trading.