{"id":635250,"date":"2024-08-14T02:00:46","date_gmt":"2024-08-14T02:00:46","guid":{"rendered":"https:\/\/wncen.com\/?p=635250"},"modified":"2024-08-13T15:28:50","modified_gmt":"2024-08-13T15:28:50","slug":"bitcoin-price-action-boring-despite-rapid-accumulation-is-something-big-cooking","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/bitcoin-price-action-boring-despite-rapid-accumulation-is-something-big-cooking\/","title":{"rendered":"Bitcoin Price Action &#8220;Boring&#8221; Despite Rapid Accumulation: Is Something Big Cooking?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Though buyers stand a chance, Bitcoin is steady when writing, teetering at the $60,000 level. After rejecting August lows, the bounce above the round number at $60,000 to as high as $63,000 by the end of last week was impressive. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, from the daily chart, prices are moving sideways in a possible accumulation, bounded by the August 8 bullish engulfing bar.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Bitcoin Is Moving Sideways And &#8220;Boring&#8221;<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Amid the optimism, the crypto market is quiet and even boring. Picking out this state of affairs, one analyst on X, <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/x.com\/AxelAdlerJr\/status\/32950724\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">citing<\/span><\/a><span data-preserver-spaces=\"true\"> on-chain developments, observed that the dull market explains the generally low activity. For instance, the analyst said that the Bitcoin netflow has stood at -8,748 BTC over the last seven days. <\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/avax-set-for-ath-analysts-predict-explosive-rise-to-285\/\" target=\"_blank\" rel=\"noopener \">AVAX Set For ATH? Analysts Predict Explosive Rise To $285<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">This<\/span><span data-preserver-spaces=\"true\"> means that more BTC was bought than sold, <\/span><span data-preserver-spaces=\"true\">indicating<\/span><span data-preserver-spaces=\"true\"> accumulation amid the general market lull. That traders and investors are looking to buy at current prices is a net positive for bulls and might help steady prices in light of the dizzying fall to as low as $49,000 on August 5. <\/span><\/p>\n<figure id=\"attachment_635251\" aria-describedby=\"caption-attachment-635251\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-635251\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/GU2qvv_XQAAHwW4.jpg?resize=1024%2C576\" alt=\"Bitcoin netflow points to &quot;boring&quot; price action | Source: @AxelAdlerJr via X\" width=\"1024\" height=\"576\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/GU2qvv_XQAAHwW4.jpg?w=2048 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/GU2qvv_XQAAHwW4.jpg?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/GU2qvv_XQAAHwW4.jpg?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/GU2qvv_XQAAHwW4.jpg?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/GU2qvv_XQAAHwW4.jpg?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/GU2qvv_XQAAHwW4.jpg?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/GU2qvv_XQAAHwW4.jpg?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-635251\" class=\"wp-caption-text\">Bitcoin netflow points to &#8220;boring&#8221; price action | Source: @AxelAdlerJr via X<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">The possible accumulation is unsurprising and aligns with the broader crypto market behavior. So far, Bitcoin, like Ethereum and even <a href=\"https:\/\/wncen.com\/analysis\/xrp\/ripple-sec-lawsuit-xrp-price-3\/\" target=\"_blank\" rel=\"noopener \">XRP<\/a>, is in a bullish recovery after the crash in early August. Even though the bull bar of August 8 lifted sentiment, there has been no follow-through.<\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.tradingview.com\/x\/TaCjQlMH\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/TaCjQlMH\/\" alt=\"Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView\" width=\"1233\" height=\"590\"><\/a><figcaption class=\"wp-caption-text\">Bitcoin price trending sideways on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/TaCjQlMH\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">The immediate resistance is $63,000, while support is between $57,000 and $60,000. If buyers are to press on, breaking $63,000, it will likely set up the base for another leg up to $70,000 and even all-time highs.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Miner Liquidation Risk Low, BTC Holders Accumulation<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Even so, before then, Bitcoin is moving sideways and inside a bullish bar, a net positive for upbeat traders from an effort-versus-result perspective. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">On-chain data second this preview. According to <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/x.com\/glassnode\/status\/01662967\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">Glassnode<\/span><\/a><span data-preserver-spaces=\"true\">, Bitcoin is at the HODLing stage, and users are keen to accumulate. The decision to double down as spot rates when prices are lower could suggest confidence and expectation of even more gains in the coming days. <\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/ethereum\/ethereum-nears-key-bearish-triangle-apex-breakdown-to-2160-target-looms\/\" target=\"_blank\" rel=\"noopener \">Ethereum Nears Key Bearish Triangle Apex: Breakdown To $2,160 Target Looms<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Encouragingly, the possible leg up won&#8217;t face headwinds, especially from miners who may choose to dump. Weeks after Halving in late April, miners began dumping BTC, forcing prices lower, as evident throughout June. For now, there is stability as the hash rate&#8211;a measure of computing power&#8211;picks up, looking at YCharts.<\/span><\/p>\n<figure id=\"attachment_635252\" aria-describedby=\"caption-attachment-635252\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-635252\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/GU1on1VXMAAcrzc.jpg?resize=1024%2C576\" alt=\"Bitcoin miner revenue falling | Source: @AxelAdlerJr via X\" width=\"1024\" height=\"576\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/GU1on1VXMAAcrzc.jpg?w=2048 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/GU1on1VXMAAcrzc.jpg?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/GU1on1VXMAAcrzc.jpg?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/GU1on1VXMAAcrzc.jpg?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/GU1on1VXMAAcrzc.jpg?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/GU1on1VXMAAcrzc.jpg?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/GU1on1VXMAAcrzc.jpg?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-635252\" class=\"wp-caption-text\">Bitcoin miner revenue falling | Source: @AxelAdlerJr via X<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Daily miner revenue, one analyst <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/x.com\/AxelAdlerJr\/status\/23695987\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">notes<\/span><\/a><span data-preserver-spaces=\"true\">, fell by roughly 60%, crashing from $75 million to as low as $30 million after Halving. Meanwhile, over the last 720 days, their reserve fell by 50,000 BTC as they sold to upgrade their gear and stay competitive. Even as they liquidate, the analyst is confident miners are not in immediate danger since their reserves remain at over 713,000 BTC.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Though buyers stand a chance, Bitcoin is steady when writing, teetering at the $60,000 level. After rejecting August lows, the bounce above the round number at $60,000 to as high as $63,000 by the end of last week was impressive. However, from the daily chart, prices are moving sideways in a possible accumulation, bounded by the August 8 bullish engulfing bar. Bitcoin Is Moving Sideways And &#8220;Boring&#8221; Amid the optimism, the crypto market is quiet and even boring. Picking out this state of affairs, one analyst on X, citing on-chain developments, observed that the dull market explains the generally low activity. For instance, the analyst said that the Bitcoin netflow has stood at -8,748 BTC over the last seven days. Related Reading: AVAX Set For ATH? Analysts Predict Explosive Rise To $285 This means that more BTC was bought than sold, indicating accumulation amid the general market lull. That traders and investors are looking to buy at current prices is a net positive for bulls and might help steady prices in light of the dizzying fall to as low as $49,000 on August 5. The possible accumulation is unsurprising and aligns with the broader crypto market behavior. So far, Bitcoin, like Ethereum and even XRP, is in a bullish recovery after the crash in early August. Even though the bull bar of August 8 lifted sentiment, there has been no follow-through. The immediate resistance is $63,000, while support is between $57,000 and $60,000. If buyers are to press on, breaking $63,000, it will likely set up the base for another leg up to $70,000 and even all-time highs. Miner Liquidation Risk Low, BTC Holders Accumulation Even so, before then, Bitcoin is moving sideways and inside a bullish bar, a net positive for upbeat traders from an effort-versus-result perspective. On-chain data second this preview. According to Glassnode, Bitcoin is at the HODLing stage, and users are keen to accumulate. The decision to double down as spot rates when prices are lower could suggest confidence and expectation of even more gains in the coming days. Related Reading: Ethereum Nears Key Bearish Triangle Apex: Breakdown To $2,160 Target Looms Encouragingly, the possible leg up won&#8217;t face headwinds, especially from miners who may choose to dump. Weeks after Halving in late April, miners began dumping BTC, forcing prices lower, as evident throughout June. For now, there is stability as the hash rate&#8211;a measure of computing power&#8211;picks up, looking at YCharts. Daily miner revenue, one analyst notes, fell by roughly 60%, crashing from $75 million to as low as $30 million after Halving. Meanwhile, over the last 720 days, their reserve fell by 50,000 BTC as they sold to upgrade their gear and stay competitive. Even as they liquidate, the analyst is confident miners are not in immediate danger since their reserves remain at over 713,000 BTC. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":633338,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,679,768,1119,78790,15899],"class_list":["post-635250","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-price","tag-bitcoin-trading","tag-btc","tag-btcusdt","tag-hash-rate"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Action &quot;Boring&quot; Despite Rapid Accumulation: Is Something Big Cooking?<\/title>\n<meta name=\"description\" content=\"Bitcoin is steady at spot rates, moving horizontally at around $60,000. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. 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The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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