Bitcoin Steady at $84,500 as Accumulation Trends Strengthen
Bitcoin (BTC) is trading at $84,500 after a period of volatility. On-chain data from Glassnode indicates strong accumulation among wallets holding over 10,000 BTC. Mid-sized investors, holding between 10 and 100 BTC, are also moving toward accumulation following months of distribution.
- Whales (>10K BTC) maintain an accumulation trend.
- Smaller cohorts (<1 BTC to 100 BTC) show reduced selling activity.
- Glassnode reports no expanding unrealized losses among long-term holders, typically a bear market signal.
- Over 15,000 BTC withdrawn from centralized exchanges in the last week suggests bullish sentiment.
Bitcoin's realized cap has reached an all-time high of $872 billion, but inflow rates are slowing, indicating diminished appetite from new and institutional investors.
Price Outlook
The RSI is at 52, allowing room for movement in either direction. A dip below 47 could lead to support tests around $80,000 and then $76,000.
- Bollinger Bands are tightening, with price near the upper band at $84,600.
- Holding above the middle band may trigger movement toward $90,000.
- Resistance expected in the $87,000–$88,500 range.
- Short-term momentum appears upward, as indicated by the MACD.
Recent breakout from a 5-month descending wedge pattern suggests a potential bullish shift. Analysts highlight the need to breach the EMA50 to confirm a long-term reversal, with key resistance at $87,000.