🌎 Bitcoin Holds Steady at $60,000 Despite Whales and Geopolitical Tensions

Bitcoin faces another correction after surpassing the $62,000 mark on October 2. However, data shows that whales haven’t participated in the latest selloff.

Bitcoin Consolidates Around $60,000 Amid Geopolitical Tensions

Bitcoin consolidated around the $60,000 zone between October 1 and 4 as geopolitical tensions between Iran and Israel intensified. Following the U.S. jobs report, the flagship cryptocurrency reached a local high of $62,370 on October 5, as the broader crypto market experienced bullish momentum.

BTC Price Update

As of October 6, Bitcoin has declined by 0.2% in the past 24 hours, trading at $61,950. Its daily trading volume has dropped by 53%, currently hovering at $12.2 billion.

Whale Activity and On-Chain Data

According to data from IntoTheBlock, large Bitcoin holders recorded a net inflow of 205 BTC on October 5, with outflows remaining neutral. This on-chain indicator suggests that whales didn’t sell Bitcoin as its price surpassed the $62,000 mark.

Additionally, Bitcoin’s whale transaction volume decreased by 48% on October 5, falling from $48 billion to $25 billion worth of BTC. Lower trading and transaction volumes typically indicate price consolidations and reduced volatility.

Exchange Outflows and Accumulation

Data from ITB shows that Bitcoin registered a net outflow of $153 million from centralized exchanges over the past week. Increased exchange outflows are often a sign of accumulation, reflecting bullish expectations for October.