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Bitcoin’s (BTC<\/a>) richest traders and investors are increasingly bullish on BTC despite facing downside risks from unfavorable macroeconomic factors<\/a>, the latest onchain data suggests. <\/p>\n Bitcoin whales and sharks are now absorbing BTC at record rates—over 300% of yearly issuance—while exchanges are losing coins at a historic pace, according to Glassnode.<\/p>\n Notably, Bitcoin’s yearly absorption rate by exchanges has plunged<\/a> below -200% as outflows continue. This signals a growing preference for self-custody or long-term investment.<\/p>\n Meanwhile, larger holders (100–1,000+ BTC) are scooping up<\/a> more than three times the new issuance, marking the fastest rate of accumulation among sharks and whales in Bitcoin’s history. <\/p>\n This marks a structural shift as traditional finance increasingly adopts BTC, particularly with the approval spot Bitcoin ETFs<\/a> last year. The result is less BTC supply on crypto exchanges<\/a> and long-term bullish conviction among big holders.<\/p>\n Bitcoin whales holding over 10,000 BTC remain in strong accumulation territory, with their Trend Accumulation Score at around 0.7 as of April 18, according to Glassnode<\/a>.<\/p>\n This metric quantifies cohort behavior from distribution (0) to accumulation (1). The score implies confidence among the largest holders of Bitcoin.<\/p>\n In contrast, the sell-off in smaller cohorts that have been distributing earlier in the year appears to be slowing down. That includes the 10–100 BTC and the 1-100 BTC groups, whose scores have climbed back to a neutral zone at around 0.5.<\/p>\n Even the smallest cohort (<\/p>\n Onchain analyst Mignolet adds<\/a> that the whale behavior is similar to what preceded Bitcoin’s 2020 bull run.<\/p>\n Bitcoin has broken out of a multimonth falling wedge pattern, signaling a potential bullish reversal that could drive its price toward the $100,000 mark by May.<\/p>\n A falling wedge forms when price action contracts between two downward-sloping trendlines and resolves with an upside breakout. Traders typically measure the wedge’s upside target by measuring its maximum height and adding the outcome to the breakout point. <\/p>\n Applying this rule of technical analysis brings Bitcoin’s target to over $101,570.<\/p>\n Related: <\/strong><\/em>4 reasons why Bitcoin price could rally to $90K in April<\/strong><\/em><\/a><\/p>\n Conversely, BTC’s price is testing its 50-day (the red wave) and 200-day (the blue wave) exponential moving averages (EMAs) around $85,300 as resistance. A bearish rejection from these EMAs risks pushing BTC’s price toward the wedge’s upper trendline near $80,000. <\/p>\n “The 200-day moving average remains overhead as resistance, and the horizontal level at $88,804 is still the key barrier to flip market structure and print a higher high,” wrote<\/a> market analyst Scott Melker, adding: <\/p>\n “Encouraging – but not convincing – yet. Bulls need to follow through with strength.”<\/p><\/blockquote>\n This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin’s (BTC) richest traders and investors are increasingly bullish on BTC despite facing downside risks from unfavorable macroeconomic factors, the latest onchain data suggests. Bitcoin whales absorbing 300% of new<\/p>\nBitcoin whales absorbing 300% of new supply<\/h2>\n
Most cohorts are buying the BTC price dip<\/h2>\n
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Bitcoin falling wedge breakout hints at $100K<\/h2>\n
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