On April 19th, according to Cointelegraph, Glassnode data shows that Bitcoin whales are still in a strong accumulation area. The large holders (whales and sharks) currently holding 100-1000 or more Bitcoins are absorbing Bitcoin at the fastest rate in history, with the current absorption of this group exceeding 300% of the annual Bitcoin issuance. At the same time, the amount of Bitcoin held by exchanges continues to decline, with an annual absorption rate of -200%, indicating that investors are more inclined to hold long-term or self-custody. In addition, addresses holding over 10,000 BTC have an accumulation trend score of about 0.7, indicating that they are still in a strong accumulation state. Technical analysis shows that Bitcoin has broken out of a multi-month descending wedge pattern, and if the current trend continues, the price may break $100,000 in May. $88,800 is a key resistance level to reverse the market structure, and if the bulls fail to break through, they may not be able to maintain their strong momentum.
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Glassnode: Bitcoin whales remain in strong accumulation zone, falling wedge pattern signals potential bullish reversal
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