Analyst: Bitcoin Whale Absorbed Market Panic Selling at $60,000, Potentially Forming Key Support Level
BlockBeats News, June 10th, CryptoQuant analyst Woominkyu stated in a post that during BTC's fall to $60,000, retail investors panicked, but on-chain data showed that "smart money" was buying the dip.
Woominkyu explained that on June 2nd and 3rd, dormant wallets moved a significant amount of BTC to exchanges, causing BTC's price to drop from $71,000. When BTC fell to the $60,000 to $61,000 range, the whale ratio on exchanges rose to 61.6%, indicating whale-dominated buying activity that absorbed market panic selling. In the past 5 days, whales withdrew 11,422 BTC from exchanges, valued at around $700 million, and transferred them to cold storage, leading to significant net outflows from exchanges.
Woominkyu believes that the transfer of chips from weak hands to strong hands has been completed, and after more than 11,000 BTC were removed from the market, the $60,000 to $61,000 range has formed a key support before the next leg up.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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