Bitcoin whales remain in strong accumulation zone, falling wedge pattern breakout signals potential bullish reversal

CoinRank News: Crypto analyst Scott Melker wrote on the X platform that Bitcoin has broken through the falling wedge pattern that has lasted for several months, indicating a potential bullish reversal. The $88,800 range may be a key resistance level to reverse the market structure. If it fails to break through, the bulls may not be able to continue to maintain strong momentum. In addition, Bitcoin whales are still in a strong accumulation area. Currently, large holders (whales and sharks) holding more than 100-1000 Bitcoins are rapidly absorbing Bitcoin. The current absorption of this group has exceeded 300% of the annual issuance of Bitcoin. At the same time, the amount of Bitcoin held by exchanges continues to decline, and the annual absorption rate (Yearly Absorption Rates) has dropped to -200%, indicating that investors prefer long-term holding or self-custody. (Note: The annual absorption rate is a comparison of the balance of Bitcoin on the exchange and the amount of Bitcoin mining output in the same period)