Bitcoin Accumulation Patterns Shows Rally Might Only Be In Its Early Stages

Bitcoin accumulation patterns continue to point to the fact that the recent rally might not be ending anytime soon. Investors have continued to hoard assets as the volume of bitcoins sent to exchanges to be sold off or traded falls below the accumulation rate. Outflows from exchanges have continued to exceed inflows into exchanges. Signaling accumulation patterns rather than sell patterns. Related Reading | On-Chain Expert Predicts $162K Bitcoin Peak This Cycle Wednesday saw the price of bitcoin dropping below $38,000 to be trading in the $37,000 range. Inflows of 11.3K BTC to exchanges correlated with this drop in price. But then the next two hours following this price dip saw more outflows of bitcoins from exchanges. 19.3K BTC were removed in the next two hours following the price dip. Showing investors were accumulating their coins rather than selling. Exchange Reserve Volumes Continue to Plummet Outflows from exchanges to personal wallets for safekeeping continue to be on the rise. Bitcoin exchange reserve volumes have seen decreasing numbers following the price crash from the all-time high, and the number has continued to go down. More coins leaving the exchanges than coming in shows that there is currently no selling pressure. Thus, accumulation is the order of the day as investors try to get their hands on as many coins as they can. Related Reading | Bitcoin Set To Outperform In Second Half Of 2021, Bloomberg ...