Bitcoin accumulation uptrend can create a 2013-style BTC price ‘double pump’

Bitcoin accumulation uptrend can create a 2013-style BTC price ‘double pump’

A recent run-down in Bitcoin’s (BTC) price from about $65,000 to as low as $30,000 did not force long-term holders into selling, Glassnode data shows.The on-chain analytics platform revealed a spike in Bitcoin reserves held in wallets with lower unspent output just as BTC/USD’s bids were crashing. Meanwhile, the data also shows a Bitcoin collecting spree among miners — the entities that produce and supply newly minted cryptocurrencies for retail markets. As a result, the active BTC supply started declining in recent sessions.New Bitcoin supply squeezed-in by miners and long-term holders. Source: GlassnodeShort-term Bitcoin holders — the entities that hold the flagship cryptocurrency for less than a week after accumulating it — were the biggest sellers during the BTC/USD rate decline. Glassnode data suggested that newer market entrants panic-sold BTC during the May downturn, a month during which BTC lost 38% from its all-time high price.Bitcoin price volatility, meanwhile, continues to exploit short-term traders with double-digit percentage up/down moves. The 24-hour Bitcoin Volatility Index on TradingView settled around 19.70 on May 20 after bottoming out at 1.90 on April 2 — that marked a 936% climb during the period, wherein BTC/USD rose to hit an all-time high near $65,000 and corrected lower to reach $30,000.Bitcoin Historic Volatility index. Source: TradingViewElevated price fluctuations served as a signal that investors remained fearful or uncertain about Bitcoin’s next market bias. The intraday candles in the chart above showed persistent higher volatility — the one on Sunday closed 34% lower than the previous session. But

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