Bitcoin: Accumulation Hits Highest Since FTX Bottom

Bitcoin value accumulation reached its highest reading since the November 2022 FTX bottom according to @Andre_Dragosch. Sentiment sits at cycle lows, ETF outflows print record figures, and both MVRV and realised price sit in the bottom decile of historical distributions.

On-chain accumulation moves in the opposite direction. One cohort reduces exposure on headline noise while another builds positions at cost-basis levels unseen since the prior cycle low. The July 2 Bitcoin Macro Investor Webinar with @Matt_Hougan and @BradleyDuke_ will examine which group holds the longer horizon and lower cost of capital.

BTC trades at $60568.91 inside the Bollinger band with upper resistance at $60860.48. The EMA50 at $61205.21 acts as immediate overhead resistance in the prevailing bearish structure while the EMA200 at $66168.52 marks the longer-term cap. RSI at 51.01 remains neutral yet the MACD golden cross at -321.73 shows building momentum that could drive price toward the lower band support at $59351.04 before any sustained continuation.