While the Bitcoin price rose above $28,000 after the positive inflation data, it fell to $26,700 after the false news that the US government sold TC.
While BTC has seen instantaneous volatile movements, Blockchain analytics firm Glassnode said that long-term BTC investors continue to accumulate.
According to the news of Coindesk, long-term Bitcoin investors continue to accumulate BTC as the price drops.
Glassnode said the following about the accumulation of BTC:
“The long-term net position change indicator, which tracks the 30-day change in the net amount of BTC entering or leaving exchange wallets that have tended to hold coins for more than six months, turned positive in early April. And it has skyrocketed in the last four weeks.
This shows that long-term BTC investors are saving as the price drops and breaks out of the continued rise in the Nasdaq.
It also shows that investors see Bitcoin's recent weakness as a typical bull market pullback."
Glassnode defines long-term BTC investors as wallets that hold their coins for at least 155 days without selling or moving them.
Commenting on this data from Glassnode, Q9 Capital, the crypto investment platform, told Coindesk:
“Long-term BTC investors are increasing their positions, indicating that investors are seeing the recent pause in price action as an opportunity to buy more BTC.”
Nasdaq-Bitcoin Divergence Is A Warning To BTC Investors!
Matrixport's Head of Research, Markus Thielen, evaluated the difference between the Nasdaq and BTC price and said that this difference should be a concern for Bitcoin bulls:
“Based on the past relationship between Nasdaq and Bitcoin, BTC should have been over $30,000 right now.
That this is not the case is a warning to any short-term investor.
This divergence between the Nasdaq and BTC price could initiate a more significant and larger divergence between the two."
*Not investment advice.