New findings from crypto analytics platform IntoTheBlock suggest that Bitcoin (
BTC
) is under increasing pressure to decline in value.
According to the market intelligence firm, the recent fall of Bitcoin below $60,000, which has historically been a critical support level, could lead to further price reductions.
“Bitcoin has broken through its support level of $60,000, which is a crucial demand zone. This movement has resulted in over 16% of BTC holders being in a loss position. Historically, demand just below $60,000 has been weak, indicating a potential for further downward pressure. The next significant demand zone is expected to be between $40,000 and $50,000.”


Source: IntoTheBlock/X
However, IntoTheBlock highlights that BTC whales have been accumulating the top cryptocurrency around the $60,000 mark over the past 30 days, indicating buying pressure at that price.
“The chart below illustrates the netflow of wallets holding more than 0.1% of the Bitcoin supply. This data reveals that over the past 30 days, large Bitcoin whales have had a positive netflow of over 55,000 BTC, indicating accumulation.
The peak of this accumulation was strongest when Bitcoin recently dropped to $60,000, suggesting significant buying pressure from these large holders at that price level.”


Source: IntoTheBlock/X
The analytics platform concludes its analysis by noting that activity involving BTC has reached its highest point since mid-April.
“Bitcoin activity is increasing! The number of active BTC addresses exceeded 900,000 yesterday, reaching levels not seen since mid-April. This peak is part of a larger trend, as activity has been gradually increasing since early June.”


Source: IntoTheBlock/X
At the time of writing, Bitcoin is trading at $57,432, representing a 4.6% decrease over the past 24 hours.
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Disclaimer: The opinions expressed in this article are not investment advice and should not be considered as such. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that your transfers and trades are done at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor is it a financial advisor. Please note that The Daily Hodl participates in affiliate marketing.
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