Cryptocurrency Bitcoin Experiencing Significant Amassing on Coinbase and Binance, According to Analytics Firm Glassnode - Exploring the Prospects
Headline: Bitcoin Soars:reshuffle As Glassnode Identifies Strong Accumulation Phase
Informal, approachable, straightforward style:
Bitcoin's current rally is no fluke! New data from market intelligence giant Glassnode shows us that Bitcoin is in the thick of a powerhouse accumulation phase. Investors on leading exchanges Coinbase and Binance are tugging on those Bitcoin levers harder than ever, turning the crypto tide green.
"In plain language, 'buy the dip' is leading the dance on both Coinbase and Binance, says Glassnode. The firm points out a marked shift in off-chain spot flows: Coinbase is seeing intense net buying as Binance's sell-side pressure is cooling down."*
This bull run has even strengthened the Cumulative Volume Delta (CVD), an indicator designed to identify market divergences. While Coinbase has fallen into a routine of consistent net buying (+$45 million per day), Binance had once seen intense net selling pressure (-$71 million per day in mid-March), but not anymore! The elephant in the room — a key support range — is shaping up between $93,000 and $95,000 based on recent buying trends. This well-defined area is primed to step up as a solid support level in case the market takes a breather.
"If the market experiences any short-term wobbledy-wobble, this price range is likely to act as a comforting cushion where investors will see dollar signs again."
But before you crack open that bottle of champagne, there's one metric actin' like the market's acid test: the Short-Term Holder (STH) Supply in Profit/Loss Ratio. This metric helps track the average price at which STHs entered the crypto scene. Right now, that ratio stands above 9, meaning more than 90% of STH supply is sitting pretty in the black. But bull runs can't last forever, and when this ratio drops below 1.0, watch out! Technically speaking, that may signal the beginning of the end for this particular trend.
Glassnode adds a caveat: the futures market still seems reluctant to coalesce with the spot markets' strong bullish momentum.
"It appears the futures world is lagging, bras clipping and straps undone as they try to catch up to the unfolding spot market action. Options markets are displaying tentative optimism, but there's no dash of recklessness in the futures landscape just yet."
Bitcoin's present price: $104,191, up 1%. Keep an eye on these trends and remember to keep that 'HODL' grip tight!
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- Despite Bitcoin's current surge, the market's acid test remains the Short-Term Holder (STH) Supply in Profit/Loss Ratio, with over 90% of STH supply currently in the black.
- As the futures market seems to be lagging, altcoins such as Ethereum and various others stand to gain traction if the spot markets' bullish momentum continues, given the increasing off-chain spot flows.
