- BTC has fallen back to the $67,000 price level.
- Some wallets benefited from the decline during the previous trading session.
Bitcoins [BTC] The price drop may have been bad news for some traders, but it presented an opportunity for others.
AMBCrypto’s analysis showed that some addresses accumulated a significant volume of BTC as the price struggled over the past two days. Furthermore, the supply of Bitcoin on exchanges has continued to decrease.
Bitcoin accumulation addresses are increasing
Per CryptoQuantAs Bitcoin tried to correct its price, some whales piled in. Remarkably, more than 20,000 BTC have been accumulated in whale wallets during this period.
A study of inflows to accumulation addresses found that accumulation peaked during the period when the price of BTC was falling, indicating strategic moves from these addresses.
This suggests that some traders took advantage of the lower prices to increase their holdings.
Source: CryptoQuant
An analysis of the accumulation showed that it was worth more than $1.3 billion, while the price of BTC was around $67,000.
This significant accumulation highlighted the strategic purchasing of whales during the recent price slump.
Bitcoin on stock exchanges continues to decline
AMBCrypto’s look at Bitcoin supply on the exchanges showed that while accumulation increased, supply on the exchanges decreased.
Data from Santiment indicated a notable drop in BTC supply on exchanges between June 10 and the time of writing. The graph showed that on June 10, the supply on the exchanges was 954,000.
Source: Santiment
However, at the time of writing, supply on the exchanges had fallen to around 939,000. According to Santiment, this is the lowest supply of BTC on exchanges since 2021.
This decline corresponds to the accumulation trend and serves as a bullish signal.
The trend indicated that there are fewer BTC coins available for sale, indicating that a sharp price drop is unlikely in the near future. It also shows a strong belief in a higher future price among holders.
BTC sees a short recovery
AMBCrypto’s examination of Bitcoin on a daily time frame showed a brief recovery at the end of trading on June 12. The chart indicated that Bitcoin rose over 1% to trade around $68,248.
Moreover, at some point during the previous trading session, the price rose to the $70,000 price range.
Source: TradingView
Read Bitcoin’s [BTC] Price forecast 2024-25
At the time of writing, Bitcoin has lost most of its gains and returned to the $67,000 price range. It was trading around $67,350, down more than 1.3%.
As it has been doing for days, it remains close to its support levels. The support level, indicated by the short-term moving average (yellow line), is around $66,000 to $65,000.