Likewise, Bitcoin has breached the critical support level of $40,000 and has now embarked on a downward trend toward the $38,000 region.
A look at the price charts for this coin within the 24-hour period revealed that the Money Flow Index at the time of this press was around the 13 regions in an upward trend.
While the MFI and the Trading Volume are suggestive of increased activity with the coin despite its steady decline, it is imperative to point out that at the time of this press, distribution also occurred simultaneously.
However, a consideration of the Exchange Inflow Spent Output Age Band, which is the set of all spent outputs that were created within a specified age band which flowed into exchange wallets, it was showed that majority of coins in action at the time of this press were mostly 0-1 week aged coins.
The many indications of accumulation pointed out above can be suggestive of an impending bull run.
With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice.