In a sharing on Twitter, co-founder of Three Arrows Capital, Su Zhu has shared the view that according to him there are signs that Bitcoin is approaching the accumulation zone.
Zhu lists factors that could potentially be seen as ‘bullish’ driving the accumulation of BTC. Zhu noted secondary factors such as the inflow of 7,000 Bitcoins into the Canadian Bitcoin ETF. Recently, they have made the second largest purchase in a day bringing its Bitcoin reserves to 41,620 units.
Another metric in the chain for Bitcoin that is seen as worth noting is the strength of BTC over the stock market overnight. According to Zhu Bitcoin is approaching the accumulation period with an overall ascending market structure.
However, at the moment Bitcoin has experienced the biggest decline in history in the past seven weeks and is experiencing signs of recovery. This was manifested by the largest increase in spot and derivatives trading volume since last week’s fall.
Given recent events and highly volatile market conditions, the stable Tether coin has also shown signs of pressure as USDT/USD traded below $ 0.99 on major crypto exchanges. This has caused the market to be divided.
Bitcoin (BTC) is so far struggling within the $ 30,000 trading level and has been trading in a tight range between $ 27,000 and $ 30,000 over the past few days. The range is seen as a key support level for BTC. The market is also paying attention to key resistance levels of between $ 33,000 and $ 36,000.
