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Bitcoin Accumulation Phase Intact, Is a Bottom Finally In?

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High gains, retail euphoria, and massive rallies haven’t really been on Bitcoin’s plate for the past few months. The BTC price still struggling below the $20,000 mark, but on-chain indicators highlight that recovery from here could be slow and steady. 

Bitcoin was stuck in a range between $19,500 and $18,700 last week. It opened this current week at a price of $18,900, but sentiment around Bitcoin and its price developments remained relatively high. 

Social indicators sourced from Santiment showed a spike in Bitcoin interest on social platforms over the past weekend. Among the top 100 crypto assets, BTC was hot topic in over 26% of the discussions for the first time since mid-July. 

Long-term BTC HODLers remain dormant

The total volume of Bitcoin coin-days destroyed in the last 90-days has, effectively, reached an all-time low. This shows a high number of HODLed coins have been dormant for several months.

Prior to this CDD all-time lows were observed in July 2020, August 2018, October 2016, and June 2015. During the previous ATLs, the BTC price was also in consolidation…

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