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2 June 2023
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BItcoin market Update: Bitcoin accumulation trend is growing amid price decrease

  • Bitcoin traders accumulate coins despite the price decrease.
  • A sustainable move below $9,000 will worsen the short-term technical picture.

BTC/USD is hovering marginally above $9,100 after a short-lived sell-off to the intraday level of $8,899. The firdt digital coin tested area below $9,000 for the first time since the end of May. Bitcoin has lost 2.5% since the start of the day and over 3% on a day-to-day basis.

Bitcoin accumulation trend on the rise

The number of wallets containing 0.1 BTC hit a new recored high for the second day in a row, According to Galssnode, 3 057 754 wallets contained at least 0.01 BTC as of June 15, The previous record was registered at 3 057 647. 

The experts noted that this indicator has been growing steadily since 2017. The number of addresses from 0.1 BTC and more increased by 45%, from 1.8 million in August 2017 to January 2018 2.6 million.The accumulation trend gathered pace ahead of May halving as investors and traders expected a significant price increase.

BTC/USD: Technical picture

The downward-looking RSI on daily and weekly charts implies that the long-term market sentiments remain bearish at this stage. Now that BTC broke free from the triangle pattern, the downside momentum may gain traction with the next focus on weekly SMA50 at $8,730, followed by $8,600. This support is reinforced by the previous bottom located at $8,637. Once it is out of the way, the sell-off is likely to gain traction with the next focus on daily SMA200 at $8,200 and psychological $8,000 reinforced by daily SMA100 and 61.8%  Fibo retracement for the downside move from February 2020 high.

BTC/USD daily chart

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