Bitcoin (BTC) is facing increased downside pressure, as indicated by new data from the crypto analytics platform IntoTheBlock. The recent drop below the critical $60,000 mark has put over 16% of BTC holders in a loss position, potentially leading to further price cuts.
Whale Accumulation at $60,000 Level
“The chart below shows the netflow of wallets holding more than 0.1% of the Bitcoin supply. This data shows that over the past 30 days, large Bitcoin whales had a positive netflow of more than 55,000 BTC, signaling accumulation.”
Despite the bearish sentiment, IntoTheBlock highlights that BTC whales have been accumulating the cryptocurrency around the $60,000 level, indicating buy pressure at this price point.
Increase in Bitcoin Activity
“Bitcoin activity is on the rise! The number of active BTC addresses crossed 900,000 yesterday, hitting levels not seen since mid-April.”
Moreover, the analytics platform reports that Bitcoin activity has surged, reaching levels not seen since mid-April. This uptrend in activity has been steadily increasing since early June.
At the time of writing, Bitcoin is trading at $57,432, marking a 4.6% decrease in the last 24 hours.
- Bitcoin faces downside pressure after dropping below critical $60,000 support level.
- BTC whales have been accumulating the cryptocurrency around $60,000, indicating buy pressure.
- Bitcoin activity has surged and reached levels not seen since mid-April.
