The post Here’s why Bitcoin’s accumulation stats suggest $77K may be next appeared on BitcoinEthereumNews.com.

Buying pressure on Bitcoin has remained high, hinting at a price hike  BTC’s liquidations will rise sharply near the $77,000-mark Soon after the U.S presidential elections, the crypto market turned bullish, allowing Bitcoin [BTC] to hit an all-time high on the charts. Now, although the king coin has corrected since, at press time, it was still hovering near that range. In fact, investors seemed to be showing confidence in the coin, which could push BTC further up in the coming days.  Bitcoin accumulation is on the rise AMBCrypto reported previously that it achieved a new historic high at $76,849 on 7 November. After touching its ATH, BTC’s price dropped slightly. At the time of writing, it was trading at $76,422.29 with a market capitalization of over $1.5 trillion. Despite this marginal downtick, confidence around BTC has remained high. Ali, a popular crypto analyst, recently shared a tweet revealing an interesting development. According to the same, over 57,800 BTC have gone into accumulation addresses over the last few days. These accumulated BTC were worth more than $4 billion.  Source: X This accumulation suggested that addresses that hold a significant amount of BTC have been expecting a price rise. If that happens, then BTC might as well once again test its ATH. Therefore, AMBCrypto checked other datasets to find out whether buying sentiment was dominant in the overall market. Our analysis of CryptoQuant’s data revealed that Bitcoin’s exchange reserves were dropping. A drop in this metric means that investors have been considering buying the king coin. Its Coinbase premium was green too, meaning that buying sentiment was relatively strong among U.S investors. On top of that, things in the Futures market also looked pretty optimistic. This was evidenced by its green funding rate – A sign that long position traders have been…

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Filed under: News - @ November 9, 2024 2:18 pm