Bitcoin's price has been hovering between $55,000 and $58,200 for about a week, with the 200-day EMA at $58,000 acting as a strong resistance. Despite trading at $57,841, up 0.36%, lower trading volumes indicate a prolonged consolidation phase. The recent drop below the 200-day EMA was influenced by selling pressure from the German government and Mt. Gox repayments. While attempts to reclaim this level have failed to initiate a significant price movement, Bitcoin whales have been accumulating more coins, as indicated by Glassnode data. The current accumulation trend, similar to patterns seen in 2023, suggests a potential rise in Bitcoin's value. With low volatility and a cautious market sentiment, investors are advised to monitor onchain metrics closely for any sudden changes in the market dynamics. Read more AI-generated news on: https://app.chaingpt.org/news