The price of Bitcoin (BTC) is consolidating between the $55,000 to $59,000 range, establishing the mid-$50,000 region as a back up surface area. This trend coincides with strengthening on-chain fundamentals, such as whale and address activity.

Since the Bitcoin rally began to accelerate in November 2020, the seven-twenty-four hour period boilerplate active address has increased in tandem. A pseudonymous trader known equally "Crypto Birb" pointed out:

"$BTC seven twenty-four hour period average over daily active addresses in sideways while price action climbs. The upside trend is the strongest when backed by onchain trends."

It shows that on-chain trends accept been supplementing both brusk and long-term Bitcoin cost cycles.

Large whales are non selling but accumulating Bitcoin

According to the data from Santiment, big Bitcoin whales have been by and large accumulating Bitcoin as over 35,000 BTC has left exchanges in the past 30 days. The latest outflows have also pushed down exchanges' BTC reserves to the everyman levels since early March before BTC striking new best highs above $60,000.

The trend of large Bitcoin addresses. Source: Santiment

The Santiment squad wrote:

"Every bit y'all'd expect, not all of #Bitcoin's whales are behaving in unison. Nevertheless, we've seen interesting trends these past couple months, such as 100-i,000 $BTC addresses adding 353k more $BTC since February. 1st, while 1k-10k addresses have shed 300k $BTC."

The chart shows that 1,000 BTC to x,000 BTC addresses have been selling, just analysts from Whalemap said that this range is a hard range to analyze.

This range could include commutation addresses, which are non tagged by most on-concatenation data gathering platforms, so ideally, it would exist more accurate to compare 100 BTC to 1,000 BTC, and and then ten,000+ BTC holding addresses.

Whalemap analysts told Cointelegraph:

"In the 1k-10k ring in that location are a lot of exchanges So this could be a part of information technology, every bit they are reducing the availability. Since these addresses could exist exchanges, a ameliorate representation would be looking at 10k+ BTC and 100-m BTC."

Additionally, researchers at Glassnode plant that during balderdash markets, old coins move more frequently.

As long-fourth dimension holders move to sell, it puts significant selling pressure on Bitcoin. Notwithstanding, in the current phase of the cycle, the frequency of old BTC moving is much lower than 50%, or where BTC topped out in previous cycles.

Glassnode researchers explained:

"In bull markets old coins tend to move more than. This increases the relative supply of younger coins in the network. At previous $BTC tops, around 50% of the #Bitcoin supply was younger than 6 months. We are currently significantly beneath this level (36%)."
Bitcoin HODL Waves. Source: Glassnode

Balderdash trend intact as long as $55,000 back up is dedicated

Because that big whales take been accumulating Bitcoin as the cryptocurrency consolidates between $55,000 and $59,000, the balderdash trend remains intact despite the rising U.S. 10-twelvemonth Treasury yields.

Binance BTC_USDT order book vs. Cumulative volume delta. Source: Cloth Indicators

Every bit Cointelegraph reported, when the 10-year Treasury yield begins rising, the adventure-on markets typically have a hit, specially in the near term.

In the past 2 weeks, as an example, U.Southward. tech stocks saw a steep pullback, which coincided with Bitcoin stagnating under $60,000.

However, given that on-chain data remains optimistic for Bitcoin, equally long equally the $55,000 support area remains dedicated, the bullish market place structure would heighten the probability of a larger rally.