While the Bitcoin price continued to seek balance after falling towards the $60,000 level, stock market data showed that large investors accumulated significant amounts during this decline. According to on-chain data, major wallets withdrew a total of 11,422 BTC from exchanges in the last five days. At the prices of the period, this amount corresponded to approximately 700 million dollars.
Major wallet movements are closely monitored
Large amounts of Bitcoin outflows from exchanges may indicate that assets are not planned to be sold in the short term. Moving BTC to private wallets, especially during sharp pullbacks, can reduce the supply available for instant transactions in the market. However, such movements alone do not necessarily indicate that the price will recover.
The accumulation in question occurred after Bitcoin retreated from levels above $71,000 to the $60,000 region. According to the shared data, negative net flow was seen in the stock markets between June 5 and June 9. It was reported that the biggest daily outflow was recorded at a point close to the local bottom level.
Mini dictionary: Exchange Whale Ratio is an indicator that measures the share of the largest transactions in the total assets sent to exchanges. An increase in the ratio may suggest that large investors, in particular, play a more prominent role in market movements.
It was stated that while Bitcoin was traded between 60 thousand and 61 thousand dollars, the Exchange Whale Ratio data increased to 61.6 percent. This indicator tracks how much of the assets invested in exchanges come from the largest transactions. It stands out as one of the main metrics used to evaluate large investor participation in periods of increased market pressure.
Not all large transfers on stock exchanges constitute direct purchases. These movements may also include intra-enterprise transfers, collateral transactions, and transactions between major market participants.
The $60,000 level stands out as critical support
The data pointed out that large investor activity strengthened in regions close to the bottom levels during the period when sales pressure increased. On the other hand, it is considered that inflows from wallets that had previously been dormant for a long time may have increased the supply on exchanges before Bitcoin fell from the $ 71,000 region.
Although Bitcoin fell below 60 thousand dollars for a short time, it rose above this level again. For this reason, the 60 thousand dollar band is viewed as an important threshold in terms of the short-term outlook. If the price persists above this zone, it may indicate that buyers are meeting the supply. On the other hand, a new downward break may bring lower support levels back to the agenda.
There is a possibility that recent draws will limit the selling pressure by reducing the amount of Bitcoin held on exchanges. However, price direction will not depend solely on this data. Spot demand, positioning in futures markets and general market conditions will continue to be decisive in determining the direction.
220 thousand dollars scenario from analyst
Cryptocurrency analyst Bitcoin Teddy argued that a multi-year cup handle formation has been completed in Bitcoin price. According to the analysis, the last $60,000 test formed the handle part of a larger structure that spanned several years. Bitcoin Teddy is followed as a commentator known for his technical analysis posts in the cryptocurrency market.
The analyst claimed that the structure has left the breakdown, retest and technical confirmation stages behind. Bitcoin’s recovery after a brief fall below $60,000 was also considered as part of this confirmation process. However, it was emphasized that the buying momentum must continue for this scenario to gain strength.
Based on the measurement from the formation, the minimum price target is placed at $220 thousand. This estimate indicates an increase of nearly 300 percent from prices around the last local bottom. However, it is stated that such projections depend on maintaining support levels and market conditions remaining favorable.
