Bitcoin whales remain in strong accumulation zone, falling wedge pattern breakout signals potential bullish reversal

Odaily News Crypto analyst Scott Melker wrote on the X platform that Bitcoin has broken through the falling wedge pattern that has lasted for several months, indicating a potential bullish reversal. The $88,800 range may be a key resistance level to reverse the market structure. If it fails to break through, the bulls may not be able to continue to maintain a strong momentum.
In addition, Bitcoin whales are still in a strong accumulation zone. Currently, large holders (whales and sharks) holding more than 100-1000 Bitcoins are rapidly absorbing Bitcoin. The current absorption of this group has exceeded 300% of the annual issuance of Bitcoin. At the same time, the amount of Bitcoin held by exchanges continues to decline, and the annual absorption rate has dropped to -200%, indicating that investors prefer long-term holding or self-custody. (Note: The annual absorption rate is a comparison of the balance of Bitcoin on the exchange and the amount of Bitcoin mining output in the same period)