Glassnode: Bitcoin Whale Remains in Strong Accumulation Zone, Declining Wedge Pattern Signals Potential Bullish Reversal

On April 19, according to Cointelegraph, Glassnode data shows that the bitcoin whale is still in the strong accumulation area. Large holders (whales and sharks) who currently hold more than 100-1000 bitcoins are absorbing bitcoins at the fastest rate in history. The current absorption of this group has exceeded 300% of the annual issuance of bitcoin. At the same time, the bitcoin holdings of exchanges continue to decline, and the annual absorption rate has dropped to -200%, indicating that investors are more inclined to long-term holding or self-custody.
In addition, the address trend accumulation score of more than 10,000 BTC is about 0.7, indicating that it is still in a strong accumulation state. Technical analysis shows that Bitcoin has broken through the multi-month falling wedge pattern. If the current trend continues, the price may break through $100,000 in May. $88,800 is a key resistance level to reverse the market structure. If it cannot break through the bulls, it will not be able to continue to maintain strong momentum.