Bitcoin’s price has been fluctuating recently, and its performance has raised questions about its future direction. Despite briefly climbing back to $95,000, Bitcoin has retraced to a low of $82,000, with an 8.57% drop in the last 24 hours. The cryptocurrency’s recent volatility has caught the attention of market analysts, especially regarding the metric of Bitcoin’s accumulation trend.

Accumulation Trend Score Below 0.5

According to blockchain analytics firm Glassnode, Bitcoin’s accumulation score has remained below 0.5 for the last 58 days. This indicates that the market is still in a net distribution phase, with more selling activity than buying. The accumulation trend score being below 0.5 is a sign that large investors, or “whales,” are currently offloading their holdings rather than accumulating more BTC.

Looking at historical data, Bitcoin’s market has shown an alternating pattern of accumulation and distribution phases, lasting on average 57 to 65 days. The current streak is nearing the average duration for distribution, signaling that the trend may continue. With the accumulation score still below 0.5, it appears that Bitcoin remains entrenched in the distribution phase, suggesting further downside for the price until a significant shift in sentiment occurs.

Whale Behavior and Exchange Balances

Further confirming the distribution trend is the behavior of Bitcoin whales. Glassnode’s data shows that whales have been depositing more Bitcoin into exchanges than withdrawing, indicating a selling intention. Over the last 24 hours, the exchange balance has spiked by 12.9k BTC, up from -75.8k BTC, further validating the market’s current selling pressure.

This movement of Bitcoin into exchanges from large holders points to a bearish outlook for the crypto’s price. With whales and other large entities continuing to distribute their holdings, the market may face a prolonged phase of downward pressure, keeping Bitcoin’s price in a slump.

Bitcoin’s Short-Term Outlook

Bitcoin’s price action over the past day reflects the ongoing selling pressure. The cryptocurrency has dropped by 8.57% to around $83,908 at press time, and it continues to be weighed down by the market’s distribution phase. Until the market transitions into a new accumulation phase, Bitcoin may struggle to recover its losses and could experience further price declines.

For Bitcoin to rebound, investor sentiment must shift from a selling-focused mindset to one that favors accumulation. This shift is often tied to macroeconomic factors and external catalysts that drive demand. As of now, with the market still under significant selling pressure, Bitcoin’s price may dip further, potentially reaching the $82,500 mark.

The Future Outlook

Looking ahead, Bitcoin’s performance will likely remain tied to the behavior of large entities in the market. If whales continue to sell off their holdings, Bitcoin could remain in the distribution phase for an extended period. However, once macroeconomic uncertainties ease and investor confidence strengthens, the market could shift toward an accumulation phase. This shift would pave the way for potential price increases as organic demand returns to the market.

For now, Bitcoin’s price appears to be stuck, and its next move depends heavily on whether large entities start accumulating or continue to distribute their assets. Until then, BTC might face a prolonged struggle before a potential reversal.