After remaining dormant for some months, bitcoin has recently rallied up pretty strongly, breaking major resistance levels. At the time of writing this story, it is standing at around $5,806 and showing a 6.53% increase in the past 24 hours. While things seem all set up for a prolonged bull-run as per various experts, the accumulation phase of bitcoin seems to be in full swing.
In a recent report by Adamant Capital, it was highlighted that the world’s largest cryptocurrency in terms of market capitalization, bitcoin, is in its heavy accumulation phase. This window is reported to lie between $3,000 to $6,500. As bitcoin stands within this range right now, the accumulation phase has prolonged though it was expected to be replaced by a bull run as bitcoin crossed $5,600 just a few days ago.
But why is this accumulation significant and what does it herald for newcomers of this space?