Bitcoin’s (BTC) latest rally was driven by “huge accumulation” as investor appetite remains high despite five days of trading in the red over the past week, according to CryptoQuant research.
Just three days ago, Bitcoin was trading at roughly $65,500 as markets closed on Friday. However, a sustained rally over the weekend took prices to $72,500 before US markets opened for trading on Monday.
‘Huge accumulation’
The analysis from CryptoQuant attributes the rally to a pronounced phase of accumulation, which indicates strong confidence among investors in Bitcoin’s long-term prospects, prompting them to increase their holdings significantly.
One of the most notable indicators of accumulation comes from the record-high reserves in Bitcoin accumulation addresses. These addresses, which long-term investors hold, have witnessed significant inflows of Bitcoin, reaching all-time highs. This behavior signals a solid conviction in the long-term value of Bitcoin.
Furthermore, CryptoQua
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