According to BieJieNet:
New data from the cryptocurrency analysis platform IntoTheBlock indicates that Bitcoin (BTC) is facing further downward pressure. According to the market intelligence company, the recent drop of the cryptocurrency king below $60,000—a historically key demand area—could lead to further price declines.
“Bitcoin has broken below the $60,000 support level, a key demand area. This move has put over 16% of Bitcoin holders at a loss. Historically, just below $60,000, demand has been weak, indicating further downward pressure. The next significant demand area is between $40,000 and $50,000.”
Source: IntoTheBlock/X
However, IntoTheBlock points out that in the past 30 days, Bitcoin whales have been accumulating the top cryptocurrency by market cap at around $60,000, indicating buying pressure at this price.
“The chart below shows the net flow of wallets holding over 0.1% of Bitcoin’s supply. The data indicates that in the past 30 days, the net flow of large Bitcoin whales exceeded 55,000 BTC, indicating they are accumulating.
When Bitcoin recently dropped to $60,000, this accumulation peak was the strongest, indicating significant buying pressure from these large holders at this price level.”
Source: IntoTheBlock/X
The analysis platform concluded by noting that BTC activity is at its highest since mid-April.
“Bitcoin activity is on the rise! Yesterday, the number of active Bitcoin addresses surpassed 900,000, reaching the highest level since mid-April. This peak is part of a larger trend, as activity has been slowly increasing since early June.”
Source: IntoTheBlock/X
At the time of writing, Bitcoin is trading at $57,432, down 4.6% in the past 24 hours.
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Featured image: Shutterstock/Philipp Tur/Suri Sharma