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Bitcoin price returns to $60k, whale activity hits two-month high

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CoinWorld News: After a brief pullback, the Bitcoin price has returned to the $60,000 area, with whale activity returning during the market’s fragile rebound. BTC is currently trading at around $59,900, and the weekly chart shows a drop of more than 5%. According to Santiment data, the network recorded 6,920 transactions above $100,000 and 1,438 transactions above $1 million, marking the second-largest peak in whale activity within two months. Despite this, weak demand, negative momentum, and liquidity pressure have kept traders cautious before July. The rebound in Bitcoin’s price indicates that market sentiment remains important after sellers pushed BTC to short-term lows. Daily closes in this zone could slow down panic selling. Analyst Ali Martinez noted that Bitcoin demand has remained negative for the past 208 days, recently falling to a new low of approximately -273,000 BTC, suggesting that old supply is entering circulation faster than new spot demand can absorb.
BTC-0.57%
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FragmentGlowFlower
· 4h ago
6,920 large transactions make it seem lively on the surface, but it may actually be internal wash trading between participants, with no genuinely new funds entering the market.
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L2Sprinter
· 4h ago
208 days of negative demand, this cycle is quite long, feels like the market is waiting for a real catalyst.
View OriginalReply0
BlueLakeOverlooker
· 4h ago
If the daily closing price holds around 60k, it will at least give the bulls a breather; otherwise, there is still plenty of room to the downside.
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Half-SectionSucculent
· 4h ago
A demand gap of -273k BTC, this number looks quite scary, but the acceleration of old coin circulation often precedes major volatility.
View OriginalReply0
GovernanceVotingTug-Of-WarKing
· 4h ago
Whales are moving again. Is this a real bottom-fishing or a bull trap?
View OriginalReply0

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