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Bitcoin Price Sinks to 46.7K Despite Record Accumulation

Bitcoin price sinks to $46.7K despite record accumulation and supply shock events

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reversing at $46,700 on Bitstamp after dropping $2,000 in hours. Part of a multi-day rangebound construction, the dip resulted in a push toward $48,000, with bulls still unable to gather momentum for an attack on $50,000.

For popular trader Crypto Ed, $48,200 was the level to watch for continuation upward. “Showing some tricky moves, retest failed overnight with that dump,” he commented on the hourly chart. The mood among analysts broadly stayed optimistic on the day despite price action lagging any noticeable improvement in market activity.

Some highlighted conspicuous accumulation at current levels, while on-chain metrics such as illiquid supply were also a talking point. “This wave of Bitcoin supply shock has the most momentum of any in recent history,” William Clemente III, lead insights analyst at Blockware, noted.

Source: FXPro