Bitcoin (BTC) Price Is Down To $61,000, Increased Whale Activity Has Been Witnessed

After a slight recovery, Bitcoin (BTC) is still struggling as it faces ongoing pressure due to worries about high US interest rates and increased regulatory scrutiny targeting major players in the cryptocurrency industry. 

Bitcoin (BTC) remains under pressure, unable to surpass the $64,000 mark since last week. At present, Bitcoin is trading 1.60% lower at $61,381, with a total market cap of $1.20 trillion. This selling pressure is evident across the broader cryptocurrency market, with Ethereum (ETH) struggling to maintain its position above the $3,000 level.

However, as observed, there has been an increase in whale activity for these top two cryptocurrencies. 

As Bitcoin remains within a narrow range of $61,000 to $64,000, massive whale activity has been detected over the past 24 hours as per on-chain data provider Santiment. 

Wallets holding between 1,000 and 10,000 BTC have collectively acquired around $941 million worth of coins. This trend of accumulation signifies a resurgence to their peak holding level in the preceding two weeks. 

Ki Young Ju, CEO of CryptoQuant, believes that the fundamentals of the Bitcoin blockchain are robust enough to justify a market capitalization three times larger than its current size. Based on his assessment, Bitcoin could comfortably maintain a price of $265,000. 

In addition, Rekt Capital also suggests that Bitcoin remains in consolidation within its current price range and $70,000 post-halving, the cycle is expected to slow down. This slowdown could potentially synchronize the current cycle with the historically recurring halving cycle, potential resulting in a peak of the Bull market around mid-September to October 2025.