New data from crypto analytics platform IntoTheBlock indicates that Bitcoin (BTC<\/a>) is facing further downside pressure.<\/p>\n According to the market intelligence firm, the crypto king\u2019s recent drop below $60,000 \u2013 a historically critical demand zone \u2013 could cause<\/a> it to see further price cuts.<\/p>\n \u201cBitcoin has breached its $60,000 support level, a critical demand zone. This move leaves over 16% of BTC holders in a loss position. Historically, demand just below $60,000 has been weak, suggesting further downward pressure. The next significant demand zone lies between $40,000 and $50,000.\u201d<\/em><\/p>\n However, IntoTheBlock notes<\/a> that BTC whales have been accumulating the top crypto asset by market cap around the $60,000 level over the last 30 days, suggesting buy pressure at that price.<\/p>\n \u201cThe chart below shows the netflow of wallets holding more than 0.1% of the Bitcoin supply. This data shows that over the past 30 days, large Bitcoin whales had a positive netflow of more than 55,000 BTC, signaling accumulation. <\/em><\/p>\n The peak in this accumulation was strongest when Bitcoin recently dipped to $60,000, suggesting substantial buying pressure from these large holders at this price level.\u201d<\/em><\/p>\n The analytics platform concludes<\/a>\u00a0by noting that activity over BTC has been the highest it\u2019s been since mid-April.<\/p>\n \u201cBitcoin activity is on the rise! The number of active BTC addresses crossed 900,000 yesterday, hitting levels not seen since mid-April. This peak is part of a bigger trend, as activity has been slowly increasing since early June.\u201d<\/em><\/p>\n Bitcoin is trading for $57,432 at time of writing, a 4.6% decrease during the last 24 hours.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>   Featured Image: Shutterstock\/Philipp Tur\/Suri Sharma<\/em><\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" New data from crypto analytics platform IntoTheBlock indicates that Bitcoin (BTC) is facing further downside pressure. According to the market intelligence firm, the crypto king\u2019s recent drop below $60,000 \u2013 a historically critical demand zone \u2013 could cause it to see further price cuts. \u201cBitcoin has breached its $60,000 support level, a critical demand zone. […]<\/p>\n","protected":false},"author":2,"featured_media":108863,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-337881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/337881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=337881"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/337881\/revisions"}],"predecessor-version":[{"id":337884,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/337881\/revisions\/337884"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/108863"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=337881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=337881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=337881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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