BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
FOLLOW
BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
BlockNews

Bitcoin’s Price Struggles as Key Onchain Metrics Point to Further Losses

by Sham
July 10, 2024
in Crypto
A A
Bitcoin’s Price Struggles as Key Onchain Metrics Point to Further Losses
1
SHARES
Share on TwitterShare on Reddit
  • Bitcoin price faces a potential major “summer of 2021” style correction despite whale accumulation, according to on-chain data.
  • The profit and loss (PL) index hovering around its 365-day moving average and the bull-bear market cycle indicator approaching a critical level signal potential further downside for Bitcoin.
  • While whales have been aggressively accumulating Bitcoin at the fastest pace since April 2023, selling pressure from sources like the German government and Mt. Gox repayments threatens to outweigh this demand.

The price of Bitcoin is approaching a pivotal moment that could result in either a local bottom formation or a major correction similar to the summer of 2021. Recent onchain data provides insight into how whales are positioning themselves ahead of the next big move.

#Bitcoin is currently sitting at under $57,000, but what do you think happens next?

— BlockNews.com (@blocknewsdotcom) July 10, 2024

Onchain Metrics Flash Warning Signs

Two key onchain metrics monitored by CryptoQuant indicate growing risks in the market. The profit and loss (PL) index is hovering around its 365-day moving average, which has historically signaled major corrections when crossed to the downside.

Additionally, CryptoQuant’s bull-bear market indicator is approaching levels that previously marked the start of bear markets. Both metrics suggest Bitcoin’s price could have further to fall.

Whales Aggressively Buying the Dip

Despite the warning signs, Bitcoin whales have been aggressively accumulating during the recent downswing. Their BTC purchases over the past month were the fastest pace since April 2021. It indicates rising demand for Bitcoin at lower levels.

Institutional Support Remains Strong

Inflows into US-based spot Bitcoin ETFs have counterbalanced selling pressures. On July 5 when BTC hit recent lows, ETFs saw $1.43 billion in net inflows. Institutional interest has held up even amid declining prices.

Technical Resistance Looms Overhead

From a technical perspective, Bitcoin faces resistance around $59,000. That level aligns with its 200-day moving average and the breakdown point of its recent price trend. Reclaiming it as support is key for avoiding further downside.

Conclusion

While onchain data hints at growing risks, the actions of whales and institutional investors reveal continued demand below the market. As Bitcoin approaches its next major move, those underlying dynamics provide clues on what may be in store next for the cryptocurrency’s price.

Tags: BitcoinCryptoQuantinflowsSpot bitcoin ETFs
TweetShareShare

DON'T MISS THESE! HOT OFF THE PRESS

Bitcoin BTC Breaks 100,000, But Now What? Here is What You Need to Do Now
Bitcoin

Bitcoin BTC Breaks 100,000, But Now What? Here is What You Need to Do Now

May 8, 2025
Bitcoin Nears $120K Prompting Apology from Top Analyst: Here is Their New Price Prediction
Bitcoin

Bitcoin Nears $120K Prompting Apology from Top Analyst: Here is Their New Price Prediction

May 8, 2025
Ethereum ETH Breaks $2,000: Here is The Next Price Level You Need to Watch
Crypto

Ethereum ETH Breaks $2,000: Here is The Next Price Level You Need to Watch

May 8, 2025
JRNY CLUB Announces $JRNY Token and EARN Platform
Breaking News

JRNY CLUB Announces $JRNY Token and EARN Platform

May 7, 2025
Everything You Need to Know About Doodles Upcoming DOOD Token
Crypto

Everything You Need to Know About Doodles Upcoming DOOD Token

May 7, 2025
Mark Cuban Slams Trump’s Crypto Ventures as Self-Serving Disaster: Is This True?
Crypto

Mark Cuban Slams Trump’s Crypto Ventures as Self-Serving Disaster: Is This True?

May 7, 2025
Load More

Related News

Bitcoin BTC Breaks 100,000, But Now What? Here is What You Need to Do Now

Bitcoin BTC Breaks 100,000, But Now What? Here is What You Need to Do Now

May 8, 2025
Bitcoin Nears $120K Prompting Apology from Top Analyst: Here is Their New Price Prediction

Bitcoin Nears $120K Prompting Apology from Top Analyst: Here is Their New Price Prediction

May 8, 2025
Trump Blasts Fed Chair Powell as ‘FOOL’ Over Rate Decision: Is He Right?

Trump Blasts Fed Chair Powell as ‘FOOL’ Over Rate Decision: Is He Right?

May 8, 2025
Ethereum ETH Breaks $2,000: Here is The Next Price Level You Need to Watch

Ethereum ETH Breaks $2,000: Here is The Next Price Level You Need to Watch

May 8, 2025
JRNY CLUB Announces $JRNY Token and EARN Platform

JRNY CLUB Announces $JRNY Token and EARN Platform

May 7, 2025
Discord Twitter Youtube TikTok Instagram

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Newsletter
  • Advertise
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano China Coinbase crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX Gary Gensler grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology twitter US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • Home
  • Crypto
  • Memecoins
  • Technology
  • Politics
  • Finance
  • NFT
  • DeFi
  • Opinion

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.