New data from crypto analytics platform IntoTheBlock suggests that Bitcoin is facing downward pressure after dropping below the critical $60,000 support level. This move has left over 16% of Bitcoin holders in a loss position, and historical data indicates weak demand just below $60,000, pointing towards further price cuts. The next significant demand zone for Bitcoin is between $40,000 and $50,000, according to the platform.
Despite the bearish sentiment, IntoTheBlock highlights that BTC whales have been accumulating the cryptocurrency around the $60,000 level over the past 30 days, indicating potential buy pressure at that price point. The data shows that large Bitcoin whales had a positive netflow of over 55,000 BTC during this period, with the strongest accumulation seen when Bitcoin dipped to $60,000. This suggests significant buying pressure from large holders at this price level.
Furthermore, the analytics platform points out that Bitcoin activity is currently at its highest levels since mid-April. The number of active BTC addresses crossed 900,000 recently, reaching levels not seen in months. This increase in activity has been a part of a larger trend, with activity steadily rising since early June. These metrics indicate a growing interest and engagement with Bitcoin in the market.
As of the time of writing, Bitcoin is trading at $57,432, representing a 4.6% decrease in the last 24 hours. Despite the recent price drop and uncertainty in the market, IntoTheBlock’s data suggests that there is still potential for buy pressure from BTC whales at the $60,000 level. Traders and investors will be closely watching for any further developments in the Bitcoin market and how it may impact the overall cryptocurrency landscape.
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In conclusion, the recent data from IntoTheBlock indicates that Bitcoin is currently facing downward pressure after dropping below the critical $60,000 support level. While there is potential for further price cuts, the accumulation of BTC by whales at the $60,000 level suggests buy pressure at that price point. Additionally, the increase in Bitcoin activity to levels not seen since mid-April signals growing interest and engagement in the market. Traders and investors will continue to monitor these developments closely as they navigate the evolving landscape of the cryptocurrency market.
