Accumulation Trends Strengthen as Bitcoin Breaks Through $120K
Bitcoin has broken through the $120K mark for the first time since its record high in August, with mid-sized wallets (holding 10 to 1,000 BTC) entering accumulation mode. The Accumulation Trend Score increased to 0.62, indicating that demand is surpassing supply, with American market participants showing renewed bullishness. Retail traders with less than 10 BTC are also displaying signs of increased buying, while larger whales are maintaining a distribution trend. Throughout this week, Bitcoin gained approximately 10%, reflecting a strong bullish sentiment. The emergence of a notable trading pattern in U.S. markets has seen consistent gains during trading hours, contributing to the positive outlook. Market engagement is expected to continue as the accumulation trend solidifies, potentially pointing towards future upward momentum. Additionally, the combined trading volume in centralized exchanges surged to record high levels, further reflecting the growing interest in cryptocurrencies.
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