Bitcoin price falls to $29.5K, but on-chain data reflects investors' growing interest
BTC price dropped below $30,000 again today, but the recent crab market price action is also backed by compelling investor activity on-chain. Bitcoin (BTC) price dropped below the $30,000 level on July 18, which given the developments of the last month, retail investors may not have expected, but does today’s downside move represent an upcoming shift in the trend? Data suggests that over the longer-term it does not. To get to the positives first, Bitcoin price is still attempting to flip the $30,000 level to support after about 10 attempts since April of this year, but price is continuously finding buyers in the $28,000 to $25,000 range which buyers seem to be viewing as an accumulation zone. On-chain data from Glassnode’s Bitcoin Accumulation Trend Score supports this sentiment and could be a positive, depending on how investors’ look at things given that the behavior of investors at $30,000 BTC price mirrors the same accumulation behavior seen in the $28,000 to $24,000 zone and the...
