bullish

Bitcoin

Read

Bitcoin faces yet another correction after surpassing the $62,000 mark on Oct. 2. However, data shows that whales haven’t taken part in the latest selloff. 
Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) consolidated around the $60,000 zone between Oct. 1 and 4 as the geopolitical tension between Iran and Israel heated up. 
Right after the U.S. jobs report, the flagship cryptocurrency <a href="https://crypto.news/bitcoin-hits-62k-as-ftx-token-beam-shiba-inu-soar-after-us-adds-254k-jobs-in-september/" target="_blank">reached</a> a local high of $62,370 on Oct. 5 as the broader crypto market witnessed bullish momentum. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1162" height="681" src="https://crypto.news/app/uploads/2024/10/BTCUSDT_2024-10-06_13-44-50.png" alt="Whales didn’t sell Bitcoin at $62k, on-chain data shows - 18" class="wp-image-14301847">
 <figcaption class="wp-element-caption">
 BTC price – Oct. 6 | Source: <a href="https://crypto.news/price/bitcoin/" target="_blank">crypto.news</a>
 </figcaption>
</figure> 
Bitcoin declined by 0.2% in the past 24 hours and is trading at $61,950 at the time of writing. Its daily trading volume plunged by 53% and is currently hovering at $12.2 billion. 
 You might also like: <a rel="" href="https://crypto.news/sudeng-soars-to-record-high-as-sui-meme-coins-gain-traction/"> Sudeng soars to record high as Sui meme coins gain traction </a> 
According to data provided by IntoTheBlock, large Bitcoin holders recorded a net inflow of 205 BTC on Oct. 5 as the outflows remained neutral. The on-chain indicator shows that whales didn’t sell Bitcoin as its price surpassed the $62,000 mark. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1200" height="800" src="https://crypto.news/app/uploads/2024/10/ITB_btc_large_holders_netflow_bitcoin_2024-10-06T08_50_01.383Z.png" alt="Whales didn’t sell Bitcoin at $62k, on-chain data shows - 19" class="wp-image-14301848">
 <figcaption class="wp-element-caption">
 BTC whale net flows – Oct. 6 | Source: <a href="https://app.intotheblock.com/coin/BTC/quick-view" target="_blank" rel="nofollow">IntoTheBlock</a>
 </figcaption>
</figure> 
Meanwhile, Bitcoin’s whale transaction volume decreased by 48% on Oct. 5 — falling from $48 billion to $25 billion worth of BTC. Lower trading and transaction volumes usually hint at price consolidations and lower volatility. 
Data from ITB shows that <a href="https://crypto.news/bitcoin-etf-outflows-surpass-300m-analysts-key-price/" target="_blank">Bitcoin</a> registered a net outflow of $153 million from centralized exchanges over the past week. Increased exchange outflows suggest accumulation as the bullish expectations for October rise. 
It’s important to note that macroeconomic events and <a href="https://crypto.news/bitcoin-dumps-as-biden-supports-israel-hitting-iran-oil-facilities/" target="_blank">geopolitical tension</a> can suddenly change the direction of financial markets, including crypto. 
 Read more: <a rel="" href="https://crypto.news/bitwise-eyes-bitcoin-treasury-etf/"> Bitwise eyes Bitcoin-Treasury ETF </a>

Whales didn’t sell Bitcoin at $62k, on-chain data shows

crypto.news

Other articles published on Oct 6, 2024

Solv Protocol Surpasses Solana in Fee Revenue: A New Contender Rises

Top 5 Cryptocurrencies to Watch in October

A Cryptocurrency Project Overtakes Solana in Fee Revenues, Data Shows

Blockchain Reporter Weekly Crypto News Review: Key Developments and Innovations Shaping the Industry

Will Telegram’s New ‘Gift’ Feature Drive Toncoin Price for $8 Breakout?

Analysts Predict a Major Price Surge for This Altcoin

Join our free newsletter for daily crypto updates!