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Home » Analytics Platform IntoTheBlock Says Bitcoin Faces Further Downside Pressure, Outlines Critical Demand Zones
Analytics Platform IntoTheBlock Says Bitcoin Faces Further Downside Pressure, Outlines Critical Demand Zones
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Analytics Platform IntoTheBlock Says Bitcoin Faces Further Downside Pressure, Outlines Critical Demand Zones

The Daily HodlBy The Daily HodlJuly 4, 20240 ViewsNo Comments
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New data from crypto analytics platform IntoTheBlock indicates that Bitcoin (BTC) is facing further downside pressure.

According to the market intelligence firm, the crypto king’s recent drop below $60,000 – a critical demand zone historically – could cause it to see further price cuts.

“Bitcoin has breached its $60,000 support level, a critical demand zone. This move leaves over 16% of BTC holders in a loss position. Historically, demand just below $60,000 has been weak, suggesting further downward pressure. The next significant demand zone lies between $40,000 and $50,000.”

However, IntoTheBlock notes that BTC whales have been accumulating the top crypto asset by market cap around the $60,000 level over the last 30 days, suggesting buy pressure at that price.

“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.

The peak in this accumulation was strongest when Bitcoin recently dipped to $60,000, suggesting substantial buying pressure from these large holders at this price level.”

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The analytics platform concludes its analysis by noting that activity over BTC has been the highest it’s been since mid-April.

“Bitcoin activity is on the rise! The number of active BTC addresses crossed 900,000 yesterday, hitting levels not seen since mid-April. This peak is part of a bigger trend, as activity has been slowly increasing since early June.”

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Bitcoin is trading for $57,432 at time of writing, a 4.6% decrease during the last 24 hours.

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