Recent data from crypto analytics platform IntoTheBlock suggests that Bitcoin (
BTC
) is under increasing downward pressure.
The market intelligence firm notes that Bitcoin’s drop below $60,000, a historically crucial demand zone, may lead to further price declines.
“Bitcoin has broken through its $60,000 support level, which is a critical demand area. This movement has put over 16% of BTC holders in a losing position. Historically, demand just below $60,000 has been weak, indicating the potential for more downward pressure. The next significant demand zone is between $40,000 and $50,000.”
Despite this, IntoTheBlock highlights that large BTC whales have been accumulating the leading crypto asset around the $60,000 mark in the past month, indicating buying pressure at that price point.
“The data reveals that wallets holding more than 0.1% of the Bitcoin supply have seen a positive netflow of over 55,000 BTC in the last 30 days, showing accumulation. This accumulation peaked when Bitcoin dipped to $60,000, suggesting significant buying interest from these major holders at that level.”
IntoTheBlock concludes its analysis by pointing out that Bitcoin activity is currently at its highest level since mid-April.
“Bitcoin activity is increasing! The number of active BTC addresses surpassed 900,000 yesterday, reaching levels not seen since mid-April. This surge is part of a larger trend, as activity has been steadily rising since early June.”
Bitcoin is currently trading at $57,432, representing a 4.6% decrease in the last 24 hours.
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