- The amount held in addresses soared to 69% of its circulating supply.
- Liquidation heat maps revealed that Bitcoin had some wiggle room before the next sell pressure level.
There is growing consensus around the idea that the next Bitcoin [BTC] rally is drawing near. There are plenty of signs supporting those expectations, but perhaps one of the most convincing is the king coin’s hodler accumulation data.
How much are 1,10,100 BTCs worth today?
The amount of BTC in Bitcoin holder accounts has recently been hovering near historic highs, according to a recent IntoTheBlock analysis. The subject amount is 13.45 million BTC, representing roughly 69% of Bitcoin’s circulating supply.
The cumulative balance held by $BTC hodlers continues to hover around historical highs, amounting to 13.45 million Bitcoin, which accounts for approximately 69% of the circulating supply.
Hodlers are individuals that hold onto #Bitcoin for over a year accumulating over time.… pic.twitter.com/M8njm22jer
— Slim Daddy
𓃵 ₿ (@felixreads) October 20, 2023
So, why is BTC circulating supply held by hodlers an important observation? Well, it highlights why Bitcoin has somehow maintained relative strength, since there is still a substantial amount of liquidity within the cryptocurrency.
It may also explain why Bitcoin has seemingly maintained confidence above the $25,000 price range.
Will the growing accumulation support Bitcoin’s exit from its latest cycle?
The amplified focus on long-term accumulation may explain why Bitcoins floor price is currently higher than it was during the start of 2023. It has also triggered recent speculation that BTC could be on the verge of a long-term rally.
Nevertheless, it is essential to acknowledge that Bitcoin has been locked in a ranging performance underpinned by support and resistance since April.
While the support is within the $25,000 price range, the resistance level is right above the $31,000 price level. BTC’s price still has some room for more upside at its $29,769 press time price before retesting the next support level.
Source: TradingView
Bitcoin’s latest performance underscores the confidence in its long-term prospects. It may explain the cryptocurrency’s current strength and resilience against short-term sell pressure.
One reason for this confidence is that Bitcoin’s current level is still not in the range at which it is prone to a surge in sell pressure and liquidations.
Source: Hyblock
It is also worth noting that the next major liquidation level is expected near the $31,000 price level. Also, Bitcoin’s Total Addresses recently achieved a new historic high at 1.2 million addresses.
Read Bitcoin’s [BTC] Price Prediction 2023-24
In addition to the recent demand, the amount of Open Interest in Bitcoin Futures also soared to a new 2-month high at press time.
Source: Glassnode
This reflected the recent burst in bullish demand, and it underscored the surge in bullish expectations. However, it does suggest that the next liquidation zone could yield substantial sell pressure.
