Bitcoin Accumulation Now Longer Than 2021 Pre-Bull Run

Time Stamp: March 23, 2022 8:46 AM
Source Node: 1229069

  • Bitcoin’s price has been trading below the 200-day SMA for more than 79 days.
  • The 1-day chart also shows a Rising Wedge pattern, which is a bearish sign.
  • Data from Glassnode suggested that the number of bitcoins on exchanges is decreasing.

Bitcoin’s price has been trading below the 200-day Simple Moving Average (SMA) for the past 79 days and counting. This is even longer than the 2021 accumulation period, which set the stage for the Q4 rally leading to Bitcoin’s all-time high (ATH) price of $69,000.

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