Bitcoin’s resilience at $37k backed by strong accumulation trend
Bitcoin has shown strong support at the $37k level, bouncing back quickly after a dip to $35k due to news about Binance's SEC fine. Since the beginning of the year, Bitcoin has increased 122% with minimum distribution. Both short-term and long-term holders are accumulating Bitcoin, more so after it spiked above $37k. Long-term investors show more trust in Bitcoin's long-term prospects. Data shows that long-term holdings have been consistently growing, especially when Bitcoin's price surpassed the $37k mark. The Bitcoin accumulation trend also increases with climbing Bitcoin prices. In the past year, there has been a decrease in short-term holder supply due to significant transition into the hands of long-term holders who hold onto the coins beyond the 155-day threshold that differentiates short-term from long-term supply. However, recent uptick in short-term holder supply shows that rising Bitcoin prices are attracting new investors. On Nov. 23, 84.38% of Bitcoin's supply was in a state of profit indicating potential selling pressure or holding power within the market. High levels of unrealized profits historically have been precursors to bull rallies.
