- Bitcoin whales resumed accumulation, with large wallets leading the move after earlier distribution phases near April lows.
- Glassnode’s metric shows top buying activity among wallets holding between 10 and 100 BTC, indicating rising investor confidence.
- Analysts believe U.S. labor data could prompt Fed action and influence Bitcoin’s next major price direction.
Data from Glassnode shows that Bitcoin whales are accumulating again following a brief phase of distribution. Wallets holding over 10,000 BTC began accumulating at April’s price lows near $75,000. This change marks a notable shift in market sentiment among large holders.
Glassnode’s Accumulation Trend Score, which measures buying pressure across wallet sizes over a 15-day window, now indicates strong bullish activity. Wallets between 10 and 100 BTC, as well as those under 1 BTC, both showed a perfect score of 1.0.
This reading signals increased buying momentum. Exchange and miner wallets were excluded to better reflect investor behavior.
BTC Holds Near Highs Despite Recent Drop
Bitcoin is currently priced at $104,786, reflecting a 3.75 percent decline over the past seven days. Despite this drop, the digital asset remains close to its all-time high of $111,970. The current price still represents a 13 percent gain since the beginning of the year, suggesting strong longer-term performance.
People in the market are keeping a close eye on U.S. economic updates, mainly looking forward to the nonfarm payroll report on Friday. According to economists, 125,000 to 130,000 new jobs are expected in May which is less than the 177,000 jobs added in April. A lower-than-anticipated report by the Federal Reserve raises the odds of cuts which could lift the value of Bitcoin.
Institutional Demand Tightens Supply
Sygnum Bank reported a 30 percent decline in Bitcoin’s liquid supply, driven by institutional accumulation and the rise of BTC investment vehicles. Analysts believe this reduction could contribute to sudden price movements if demand increases sharply.
Bitfinex analysts suggested that Bitcoin could reach the $120,000 to $125,000 range in June if macroeconomic conditions align. They highlighted $105,000 as a key support level. Holding above this range could push prices higher as investor confidence grows.
A lower-than-expected jobs figure could reinforce disinflation signals, prompting earlier Fed rate cuts. Conversely, stronger data may delay policy easing, strengthening the dollar and limiting BTC gains. Market behavior will likely follow cues from the labor report and its implications for monetary policy.
