Three Arrows Capital’s co-founder Su Zhu has taken to social media platform, Twitter to highlight some indicators showing that Bitcoin is approaching an Accumulation Zone.
Zhu Highlight Bullish Factors Propelling BTC accumulation
Zhu articulated Secondary factors like the inflow of 7k Bitcoin into Canada’s Bitcoin ETF, the second largest single day buy of the foundation, bringing its Bitcoin reserve to 41,620. El Salvador conference which hosted 44 centeral banks, OPEC usage of international payment, shortage of Bitcoin to hedge private sale.
Another on-chain metric for Bitcoin that Zhu finds noteworthy is the BTC strength over the stock market overnight, according to Zhu, Bitcoin is approaching a long accumulation period with an overall bullish market structure.
This suggests that the market could be near capitulation, indicating a strong buy zone for long-term investors.
Bitcoin’s current position
May has seen some of the most momentous market developments since the 2021 Bitcoin reversal, These are some of the Key takeaways from the Crypto hedge fund CEO’s Twitter thread.
However, at present, Bitcoin has experienced the largest decline in history in the last seven weeks. this among some other developments like the largest spot and derivatives trading volume following this past week’s fall in Luna and UST, after the liquidation of Terra’s LFG Bitcoin reserve.
In light of recent events and highly volatile market conditions, stable coin Tether has also shown signs of stress as USDT/USD traded under $0.99 on major crypto exchanges, this has thrown investors and traders into a state of panic. Bitcoin (BTC) appears to be struggling to hold the $30,000 level and has traded in a tight range of between $27,000 and $30,000 over the past few days. That’s a key support zone for BTC, and it is also the lower bound of a yearlong trading range.
Bitcoin faces strong resistance at between $33,000 and $36,000, which could stall an upswing in price. Bitcoin dominance continued to rise, edging above 45% on Wednesday.
- Uniswap ($UNI) Surges 45% As Trading Fees Surpass Ethereum
- Ethereum Merge Delay? Developers Concerned Over Shadow Fork
- MINA Price Jumps By 20% Over This Announcement
- Bitcoin Mining Data Suggests More Price Dumps Ahead; Details
- This Bitcoin Bear Market Is Unlike Any Other, Here’s Why
- Here’s Why Shiba Inu Ecosystem Tokens’ Prices Are Shooting Up
- Goldman Sachs Likely to Raise $2 Billion To Acquire Celsius Assets, But Here’s the Catch
- Here’s Why SEC Chair Wants Single Rulebook For All Crypto Trading
- Huge Cardano Breakout Imminent After This Resistance Level?
- Shibarium To Launch Soon; How It Can Pump Shiba Inu Prices?
- NEAR Price Analysis: Reversal Within Channel could Sink NEAR Below $3
- Solana Price Analysis: SOL Price Rallying North With Eyes On $59
- XRP Price Analysis: Trendline Reversal Could Dump XRP Back to $0.3
- AXS Price Analysis: Rising AXS Price Aims To Reclaim $17.6 Mark
- Polygon Price Analysis: Can Trendline Breakout Lead MATIC to $0.75?
- ArbiSmart Price Analysis: RBIS Retests Multi-month Support; Buy this Dip?
- Waves Price Analysis: Emerging Pattern Threatens to Break $4.16 Support
- Apecoin Price Analysis: Trendline Fakeout Could Tumble APE by 25%
- Uniswap Price Analysis: Can Ongoing Recovery Carry UNI Price to $8?
- SHIB Price Analysis: $0.00001 Breakout Could Pump SHIB by 33%