Bitcoin whales have become accumulators again, but analysts say BTC is still at risk of another sharp correction.
Bitcoin is at a “pivotal point” as several onchain metrics signal further downside, while whales experience the fastest Bitcoin accumulation rate in more than a year, according to a new CryptoQuant report.
Bitcoin (BTC) has been in a downtrend since turning away from its new all-time high in March. Over the last month, Bitcoin’s price action has been characterized by a series of lower highs and lower lows, reaching a two-month low at $53,500 on July 5.
Despite rebounding back above $57,000, continued Bitcoin selling by the German government and Mt. Gox repayments threaten further losses for BTC.
