Recent insights from the cryptocurrency analysis entity IntoTheBlock reveal a potential decline for Bitcoin (BTC). The firm’s data suggests that Bitcoin’s fall beneath the $60,000 mark—a historically significant demand zone—may lead to additional decreases in its value.

“Bitcoin’s descent through the $60,000 support threshold, a pivotal demand area, has resulted in over 16% of BTC holders facing losses. The demand just under the $60,000 level has traditionally been tepid, indicating the possibility of further depreciation. The subsequent major demand zone is anticipated to be in the $40,000 to $50,000 range.”


Credit: IntoTheBlock/X

Nonetheless, IntoTheBlock observes that Bitcoin’s substantial investors, often referred to as ‘whales,’ have been actively acquiring the premier cryptocurrency by market capitalization near the $60,000 price point in the past month, hinting at a buying trend at this valuation.

“The accompanying chart illustrates the net movement for wallets that possess more than 0.1% of the total Bitcoin supply. Over the last 30 days, significant Bitcoin whales have shown a net inflow exceeding 55,000 BTC, which denotes accumulation. This uptick in accumulation was most pronounced when Bitcoin’s price recently retreated to the $60,000 level, suggesting a strong buy interest from these major stakeholders at that price.”


Source: IntoTheBlock/X

In concluding its analysis, IntoTheBlock points out that Bitcoin’s transactional activity has surged to its highest since mid-April.

“Bitcoin’s transactional activity is surging! The count of operational BTC addresses surpassed 900,000 just yesterday, reaching heights unseen since mid-April. This surge is indicative of a broader trend, with activity progressively increasing since the beginning of June.”


Attribution: IntoTheBlock/X

At the moment of this report, Bitcoin is valued at $57,432, marking a 4.6% decline over the past day.

Stay Updated –
Sign up
to receive email notifications straight to your inbox.
Examine
Price Movements
Connect with us on
X
,
Facebook
, and
Telegram
Explore
The Daily Hodl Mix

Disclaimer: The views expressed on The Daily Hodl do not constitute financial advice. Before engaging in high-risk investments in Bitcoin, cryptocurrencies, or digital assets, investors are advised to conduct thorough research. It is important to note that your transactions and trades are your responsibility, and any losses incurred are at your own risk. The Daily Hodl neither endorses the purchase nor the sale of any cryptocurrencies or digital assets, nor does it act as an investment advisor. The Daily Hodl is involved in affiliate marketing programs.

Image Courtesy: Shutterstock/Philipp Tur/Suri Sharma