Analysis: New whales are accumulating Bitcoin at $60,000 price point
On May 17, according to CryptoQuant data, new whales (defined as addresses holding more than 1,000 BTC and holding the token for less than 6 months) have been strategically accumulating Bitcoin at a price of approximately $60,000. Support at $60,000 has been strengthened by heavy accumulation of new whales on the back of institutional investment and Bitcoin spot ETF approval. At the same time, the stability demonstrated by long-term whales provides a base layer for confidence and strategic holding patterns. In summary, the $60,000 price point has emerged as a critical on-chain support level based on new whale accumulation and stability for long-term holders.
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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