PANews reported on April 19 that according to Cointelegraph, Glassnode data shows that Bitcoin whales are still in a strong accumulation zone. Currently, large holders (whales and sharks) holding more than 100-1,000 Bitcoins are absorbing Bitcoin at the fastest speed in history. The current absorption of this group has exceeded 300% of the annual issuance of Bitcoin. At the same time, the amount of Bitcoin held by exchanges continues to decline, and the annual absorption rate has dropped to -200%, indicating that investors prefer long-term holding or self-custody. ​

In addition, the trend accumulation score of addresses holding more than 10,000 BTC is about 0.7, indicating that it is still in a strong accumulation state. Technical analysis shows that Bitcoin has broken out of the multi-month descending wedge pattern. If the current trend continues, the price may exceed $100,000 in May. $88,800 is the key resistance level to reverse the market structure. If it fails to break through, the bulls may not be able to continue to maintain a strong momentum.