Bitcoin is down 30% from its peak of $126,000, but is still holding above the $80000-85000 area, which we have already written about. Analysts note that onchain data shows that wealthy investors with assets of 100 to 1000 bitcoins continue to accumulate bitcoin, buying the asset at current prices. At the same time, position accumulation is occurring at a fairly aggressive pace, reminiscent of 2012, when a comparable surge in bitcoin accumulation preceded one of its earliest major rallies. At the same time, strong selling by long-term holders has so far limited the upside potential, keeping downside risks at bay.