Bitcoin appears to be in a re-accumulation phase, according to recent analysis of price movements and on-chain data.

Bitcoin chart with Wyckoff Reaccumulation Pattern

According to CryptoQuant, the current Bitcoin price chart closely matches Wyckoff's reaccumulation phase. The price has been ranging in a consolidation range, bouncing between horizontal support around $57,178 and resistance near $71,587. This sideways movement is typical of a consolidation phase, when the market is not clearly bullish or bearish.

Source: CryptoQuant

MVRV ratio

The MVRV (Market Value to Actual Value) ratio is currently at 1.97, indicating that the market is still above fair value. This shows that Bitcoin is in a relatively overpriced state. Existing investors have significant unrealized profits, a characteristic often seen during initial distribution or sale periods. However, this is also acceptable during the accumulation phase. For the initial accumulation phase, we would expect much lower MVRV values.

Source: CryptoQuant

The amount of money entering and exiting the exchange

The current trend shows that the volume of funds entering and exiting the exchange is decreasing, consistent with a re-accumulation phase. The amount of Bitcoin reserves on exchanges is gradually decreasing, indicating that BTC is being moved out of exchanges, which means accumulation. This behavior is consistent with the accumulation phase, when investors gradually buy and hold Bitcoin.

aSOPR

The aSOPR index (Profit Output Spent Ratio) is currently around 1.0. This balance means that the market is balancing between profits realized and losses suffered, a scenario typical of a reaccumulation phase when neither buyers nor sellers have a clear upper hand.

SOPR ratio (LTH-SOPR/STH-SOPR)

The SOPR ratio for long-term investors (LTH-SOPR) compared to short-term investors (STH-SOPR) is relatively low. This indicates reduced profit-taking by long-term investors compared to short-term investors, a positive sign that the market may be at a bottom, consistent with a consolidation or accumulation phase. accumulate.

Reserve on the exchange

Bitcoin reserves on exchanges have been trending downward for some time, suggesting that BTC is being moved out of exchanges. This move shows investor confidence and is consistent with the consolidation phase, when investors prefer to keep their assets off the exchange to wait for future price increases.

Taker buy and sell volume

Taker's buy and sell volumes are both down, with buy volumes slightly higher than sell volumes. This indicates a period of low volatility and possible accumulation. The slight superiority of buying volume over selling volume shows the positive sentiment of investors.

Source: CryptoQuant

Conclude

If the accumulation phase continues, we can expect a breakout to the upside, leading to the next markup phase in the Wyckoff cycle. Current data, including price charts, MVRV ratios, exchange inflows and outflows, SOPR values, exchange reserves, and Taker trading volumes, all point to an accumulation phase. In turn, this lays the groundwork for a potential Bitcoin bull run.

Source: https://tapchibitcoin.io/gia-bitcoin-dang-tich-luy-lai-dau-hieu-cho-thay-mot-dot-tang-gia-moi.html