Cryptocurrency analytics firm Glassnode stated that a handful of on-chain metrics is looking positive for Bitcoin (BTC) as the largest cryptocurrency is slowly scaling close to the cycle baseline of $30,000.

Glassnode added that Bitcoin’s accumulation trend score has been increasing all year. This score works by measuring the size of entities that are engaging in active BTC accumulation. If the score is more close to one, it means larger addresses are buying BTC whereas a score closer to zero means that they are not accumulating or selling away Bitcoin.

A glance to Glassnode’s chart, suggests that the trend score for BTC is above 0.75, which implies that larger entities are accumulating the leading cryptocurrency. Similarly, the transfer volume momentum metric is also up, depicting a surge in network activity which is taken to be a positive sign.

Furthermore, the ‘realized cap HODL waves’ metric, which studies the behaviour of Bitcoin holders of different age brackets, shows that wealth is currently being transferred to short-term holders (STH). Historically, a transfer of BTC to STH has been a reliable way to identify reversal points for Bitcoin.

At the moment, Bitcoin is up 0.16% in the past 24 hours and it is trading at $27 817. The crypto asset is slowly but surely edging closer to the cycle baseline of $30k, an event that could squeeze up the market further and may even see an all-time high for BTC once again.



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