BTC whale trading volume dropped 42%, Bitcoin fell below $61,000

The market shows that BTC fell below US$61,000 and was trading at US$60,931.17 as of press time. The intraday drop reached 2.3%, and the market fluctuated greatly. Markus Thielen, founder of 10x Research, said that from a technical perspective, Bitcoin appears to be following a double top pattern, and support levels are being tested. This pattern should be our base case unless it fails. This pattern could easily drop to $50,000 or even $45,000.

It is reported that this is a bearish technical analysis pattern consisting of two peaks and a trough in the middle, which usually appears after an obvious upward trend. The second peak represents the exhaustion of the uptrend, with the eventual breakout of the low between the two peaks confirming a bearish trend change. Bitcoin whales have slowed trading activity over the past two days, just before the price fell below $63,000.

According to Santiment data, on June 23, the total number of Bitcoin whale transactions (over $100,000) was 9,923 in the previous two days, a 42% decrease from the 17,091 transactions recorded in the previous two days.

The change in whale behavior came as Bitcoin price fell from $64,685 to $63,422 and has since fallen further to $62,531 at the time of publication.

Meanwhile, whale traders betting on Bitcoin’s future price have also taken a step back, CryptoQuant CEO Ki Young Ju said.

Ki said in a June 23 post that “whale traders on derivatives exchanges are in risk-off mode,” a term that describes a bearish change in market sentiment.

Ki pointed out that the inter-trade flow pulse (IFP) turning “red” was the reason for the drop. IFP tracks Bitcoin movements across spot and derivatives exchanges, reflecting market sentiment.

IFP turning red indicates an increase in traders withdrawing Bitcoin from derivatives exchanges, platforms used to enter into financial contracts based on the future price of Bitcoin.

Cryptocurrency Index Shifts from Greed to Neutral

The Crypto Fear and Greed Index, which measures cryptocurrency market sentiment, fell to a “neutral” score of 51, the first time since Bitcoin fell below the key $60,000 level to $59,122 51 The lowest level since.

Spot Bitcoin exchange-traded funds (ETFs) have also seen a series of outflows over the past six trading days, according to data from Farside. June 13 saw the largest outflow in six days, at $226.2 million.

On the other hand, other analysts are looking at different indicators as signs of optimism for Bitcoin price.

Glassnode chief analyst James Check (also known as “Checkmatey”) wrote in an article on June 23: “Bitcoin seller risk ratio has reached a level that indicates it is time for the market to take action.” He added "All the profits that were to be taken have been taken, and so have the losses," said, explaining that Bitcoin needs to "find a new price range to ignite fear, greed, panic or excitement."

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