Bull Case Grows: Millions of Bitcoin are Being Sent to Dormant Accumulation Addresses

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Bitcoin’s price action has remained rather stagnant throughout the past couple of days, with bulls being unable to catalyze a break above $40,000 on the first attempt The selling pressure here remains quite significant, and whether or not this level can be firmly broken above could set the tone for its mid-term trend From a technical perspective, Bitcoin’s short-term outlook remains somewhat unclear, as it is currently moving lower despite bullishness amongst altcoins It may soon reclaim some of its dominance over the market and soar higher, but the resistance at $40,000 remains a major hurdle One on-chain analyst is now noting that there’s nearly 3 million BTC currently held in accumulation addresses, up 17% in the past year. This is a bullish fundamental sign for the crypto Bitcoin has been struggling to gain any serious momentum throughout the past few days and weeks, with sellers building massive resistance around…

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