PANews reported on April 19 that according to Cointelegraph, glassnode data shows that bitcoin whales are still in a strong accumulation area. Currently, large holders (whales and sharks) with 100-1000 or more bitcoins are absorbing bitcoin at a historically fastest speed, with the current absorption volume exceeding 300% of bitcoin's annual issuance. Meanwhile, bitcoin holdings on exchanges continue to decline, with an annual absorption rate dropping to -200%, indicating that investors are more inclined to hold long-term or self-custody.
Additionally, addresses holding over 10,000 BTC have an accumulation trend score of around 0.7, indicating they are still in a strong accumulation state. Technical analysis shows that bitcoin has broken through a multi-month descending wedge pattern, and if the current trend continues, the price may break through $100,000 in May. $88,800 is a key resistance level that could reverse market structure, and if it cannot be breached, bulls may not be able to maintain their strong momentum.
