Bitcoin Up 3% in May as Accumulation Increases Among Holders
Bitcoin (BTC) has increased by 3% since early May, following a 14% rise in April. Key developments include:
- Accelerated inflows into BTC exchange-traded funds (ETFs) observed over the past two weeks.
- Ongoing accumulation of bitcoin treasuries supporting market stability.
- Long-term holders (LTHs) have increased their holdings by over 250,000 BTC since early March, totaling over 14 million BTC.
- Short-term holders (STHs) have added over 25,000 BTC in the past week, reversing prior net distributions.
- Current BTC price is near $97,000, with resistance identified at $99,900, where LTHs may start realizing profits.
This accumulation trend suggests renewed investor confidence. However, potential sell-side pressure could arise as BTC approaches the resistance level, requiring significant buy-side demand to maintain upward momentum.