The price of Bitcoin [BTC] had dropped to $59,280 on the 24th of June. However, Bitcoin was trading at $61,682.01 at the time of writing. Santiment noted that this dip below the $60,000 mark happened for the first time since the 10th of October 2024.
This indicated that selling pressure has increased and that big holders are largely to blame for the drop. Wallets with 10–10,000 bitcoin have sold 45,074 bitcoin in the last eight days.
Due to these whales’ massive sales, the market now has billions of dollars’ worth of Bitcoin, which will raise supply and affect prices if demand cannot keep up with it.
Although this distribution by key stakeholders might be the result of portfolio rebalancing, a change in the market outlook, or profit-taking, it also indicates short-term declines in confidence.
‘Solid entry opportunities’ ahead for Bitcoin?
According to analyst Kaelo, Bitcoin will also likely experience a steep drop if it breaks below the critical $60,000 support, which could lead to panic selling and liquidations.
Nonetheless, he thinks that the bear market will probably bottom out in three to four months, offering investors who stick with it excellent accumulation opportunities. In this perspective, even though the upcoming months might be unstable and difficult, he stated,
People who manage to survive this phase have the opportunity to position themselves to be the leaders of the next bull market. Should be a lot of really solid entry opportunities across the board soon enough.
Echoing similar sentiments, another analyst added,
All in all, the decline of Bitcoin might not be over, according to another historical signal. Prior cycles showed that the major bottom formed 70–110 days after the final bear market capitulation, which took place approximately 826 days after each halving.
AMBCrypto previously reported that BTC might continue to be under pressure until October or November if the pattern recurs.
Why BTC is still in waiting
Glassnode offered an analysis in a report titled “Waiting for Buyers,” in which they reported that although Bitcoin is still under pressure, there are preliminary indications that the market may be forming a bottom.
According to the analysis, investors are still suffering large losses, as evidenced by the 90-day Net Realized Profit and Loss, which averages -$205 million per day.
While market makers’ long gamma positioning between $60,000 and $64,000 is keeping price swings largely contained around current levels. Additionally, Options market data also indicates that traders are hedging more against further downside.
Although Bitcoin may be approaching the beginning of a bottoming process rather than a new phase of capitulation, the market is still brittle overall.
Final Summary
- Besides the price drop, whales with 10–10,000 bitcoin have sold 45,074 bitcoin in the last eight days.
- Investors are also suffering large losses, as evidenced by the 90-day Net Realized Profit and Loss, which averages -$205 million per day.
