Could Bitcoin Drop below $60k due to Million ‘Wholecoiners’ Actions?

Exploring the Potential Impact of Rapidly Rising Bitcoin 'Wholecoiners' on Market Stability

Could Bitcoin Drop below $60k due to Million 'Wholecoiners' Actions?

Key Points

Bitcoin’s price has seen a rise of over 3% in the past day. The market indicators for Bitcoin (BTC) are leaning towards a bullish trend.

Since its creation, the demand for Bitcoin has been consistently high. This is evident from the increase in the number of addresses holding 1 BTC.

Increasing Bitcoin Investors

However, with the limited supply of Bitcoin and the rising number of addresses holding 1 BTC, it might soon face selling pressure.

According to IntoTheBlock, as of June 30, the number of addresses holding 1 BTC has hit the 1 million mark. The pace at which institutional investors are accumulating BTC is also increasing.

But with the limited supply of Bitcoin, these big players may choose to sell their holdings and profit.

Market Analysis

An analysis of CryptoQuant’s data reveals that institutional investors are selling BTC, as indicated by the red Fund Premium. The aSORP is also red, suggesting that more investors are selling at a profit.

Despite this, the buying sentiment around BTC is dominant, as indicated by the declining Exchange Netflow Total compared to the last seven-day average.

The Futures market also looks optimistic, with the green Taker Buy Sell Ratio indicating a dominant buying sentiment in the derivatives market.

A daily chart analysis of Bitcoin reveals that most market indicators are optimistic. The MACD shows the possibility of a bullish crossover, and the Relative Strength Index (RSI) is on the rise, heading towards the neutral mark of 50.

The Money Flow Index (MFI0) is also moving upward, indicating more money flowing into BTC. The Chaikin Money Flow (CMF) is also on an increasing trend.

These indicators suggest that the chances of Bitcoin’s price moving up are high. At the time of writing, Bitcoin was trading at $63,199.90, up by over 3% in the last 24 hours.

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