Glassnode: "Change Has Started in Bitcoin!" Is It a Bullish Signal?

Leading cryptocurrency Bitcoin has been on a downtrend since March when it refreshed its ATH.

Having gone through a turbulent period since March, BTC fell to $49,500 last week as a result of the widespread correction in global financial markets spreading to the cryptocurrency market.

As the market continues to digest Bitcoin’s sharp decline that took it to levels as low as $49,000 last week, Bitcoin’s price performance in recent weeks appears to have changed investors’ behavior.

Investors Started Accumulating Bitcoin (BTC) Again!

At this point, Glassnode said that BTC investors who had been selling for months started accumulating Bitcoin again.

Glassnode stated in a blog post published yesterday that after the recent sell-off, investors have shifted to HODL (long-term holding) and accumulation.

Pointing out that the accumulation trend is strong among long-term investors (LTH), Glassnode said that LTHs have accumulated a total of 374 thousand BTC in the last three months, according to data.

“According to the data, 45% of Bitcoin supply has not moved in 6 months. After months of relatively intense selling pressure, Bitcoin investors appear to be shifting their behavior toward HODLing and accumulation.

Overall, on-chain data suggests that Bitcoin holders have strong bullish sentiment.

“The fact that the long-term investor group continues to HODL and accumulate indicates that they expect higher prices. Additionally, the absence of panic selling among this group highlights the durability of their overall belief.”

Analysts added that although the selling pressure on the Bitcoin price and the market has decreased, this pressure has not yet completely disappeared.

*This is not investment advice.