Glassnode: High Conviction Buyers Accumulate Bitcoin

Glassnode reports high conviction buyers accumulating BTC since January with a larger share of supply than the 2022 cycle.

Strong hands stepped in as profit taking slowed, echoing bottoms formed during prior accumulation phases.

With BTC price at $72724.3 testing upper Bollinger resistance at $73073.09 while RSI(14) hits 90.23 overbought, a healthy retracement to EMA50 support at $65685.7 looks probable before further upside. This setup shapes BTC price prediction models, tempers crypto market crash fears and aligns with Bitcoin supply held by strong hands historical cycles.