Whale Accumulation Fails to Reverse Bitcoin's Downtrend

The Bitcoin price has shown some resilience in recent weeks, but experts warn that forced selling is not over yet. A key demand zone between $60k and $70k on the price chart has been a crucial support level for BTC.

A significant portion of the circulating supply, 20% to be exact, has changed hands within this zone. This transfer from weak to strong hands was one of the largest in Bitcoin's history, according to AMBCrypto. However, despite some positive sentiment restored by the March and April recovery, the retracement below $60k in early June dented optimism once again.

The long-term holders have been steadily offloading their tokens, while exchange Bitcoin reserves continue to fall. This suggests fewer coins are readily available for sale. Strategy added to their holdings last week, but there was evidence that whale wallets were treating the $61.5k zone as a critical buy zone.

A recent post on X by Santiment pointed out that 35.82% of the Bitcoin supply is held by whale wallets with at least 1k BTC. These holders have climbed to 7.17 million coins, the highest amount in three months.