#Bitcoin turned down slightly to below $29,500 after the US released the latest inflation data.
Bitcoin (BTC) and the rest of the cryptocurrency market have experienced a period of relatively low volatility over the past few weeks. The longer this continues, the greater the potential for explosive volatility.
According to Glassnode's recent findings, the amount of BTC being HODLed is now at a new five-year high.
The amount of BTC HODLed is 7.8 million BTC at the moment. The fact that BTC holders choose HODL is a good sign for the bulls. This may explain why its selling pressure has been limited.
However, it is not the only sign supporting a bullish outcome.
Whale activity suggests that Bitcoin demand has improved as of late. For instance, addresses with balances of at least 1,000 BTC recorded significant increases from August 6 to 10. Even more impressive, addresses holding at least 10,000 BTC recorded a spike between August 7 and 10.
This confirms that whales are once again accumulating BTC.
Whales have a significant impact on asset prices, so increased demand from whales could lead to strong price increases. These findings come at a time when BTC is trading within a narrow channel, which includes key support and resistance levels. Bitcoin's recent price weakness has led to a retest of the ascending support line.
Since then, we have seen Bitcoin regain a bit of momentum, coinciding with the recent whale accumulation.
Bitcoin's MFI indicator has confirmed the revival of bullish momentum. However, only a slight increase was observed recently, so growth momentum remains low.
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