The price of Bitcoin [BTC] had fallen to $59,280 on June 24. However, at the time of writing, Bitcoin was trading at $61,682.01. Santiment noted that this dip below $60,000 occurred for the first time since October 10, 2024.
This indicated that selling pressure has increased and large holders are largely responsible for the decline. Wallets containing 10-10,000 bitcoin have sold 45,074 bitcoin in the past eight days.
Due to the massive sales of these whales, the market now has billions of dollars worth of Bitcoin, which will increase supply and impact prices if demand can’t keep up.
While this distribution among key stakeholders could reflect a portfolio rebalancing, a change in market outlook or profit-taking, it also points to a short-term decline in confidence.
‘Solid Entry Opportunities’ Ahead for Bitcoin?
According to analyst Kaelo, Bitcoin will do the same is likely to experience a precipitous decline if it falls below the critical support at $60,000, which could trigger panic selling and liquidations.
Nevertheless, he thinks the bear market will likely bottom out within three to four months, offering excellent accumulation opportunities for investors who stick with it. In this perspective, even though the coming months may be unstable and difficult, he stated:
People who manage to survive this phase have the opportunity to position themselves as the leaders of the next bull market. There should be really solid entry options across the board soon enough.
Echoing similar sentiments, another analyst added:
All in all, Bitcoin’s downturn may not be over yet, according to another historical signal. Previous cycles showed that the major bottom formed 70 to 110 days after the bear market’s final capitulation, which occurred approximately 826 days after each halving.
AMBCrypto previously reported that BTC could remain under pressure until October or November if the pattern repeats.
Why BTC is still waiting
Glassnode offered some analysis in a report titled “Waiting for Buyers,” in which they reported that while 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 range positioning between $60,000 and $64,000 keeps price swings largely within current levels. Moreover, options market data also indicates that traders are increasing their hedging against further downside developments.
While Bitcoin may be approaching the beginning of a bottom rather than a new phase of capitulation, the market is still fragile overall.
Final summary
- In addition to the price drop, whales with 10-10,000 bitcoin have sold 45,074 bitcoin in the past 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.