New whales and long-term holders strengthen Bitcoin’s $60,000 support

Bitcoin price has been struggling to gain momentum after the halving. However, the world’s leading cryptocurrency experienced a significant recovery above $66,000 this week, bringing much-needed optimism after several uneventful weeks.

Current data indicates that the price of $60,000 has become a crucial level of support for the chain, supported by the accumulation of new whales and the stability of long-term holders.

$60,000 solidifies as Bitcoin’s key support

According to CryptoQuant’s latest findings, new whales, which are defined as addresses that have held more than 1,000 BTC for less than 6 months, have been accumulating bitcoins around $60,000. Thus, they positioned this line as an important support level in the chain, supported by the influx of institutional investors after the approval of Bitcoin spot ETFs in the US.

The average acquisition cost, or realized price, of these new whales is about $60,000. CryptoQuant said this shows its confidence in entering the market, as well as the strength of this price level as a floor for BTC. Additional institutional capital in spot ETFs has provided additional impetus, further validating $60,000 as a critical support zone.

Meanwhile, long-term whales, who have held more than 1,000 BTC for more than 6 months, showed a stable realized price. This stability often reflects these investors’ experienced strategies and low turnover rates, indicating a long-term accumulation approach.

These holders could demonstrate strong confidence in the long-term value of bitcoin, often ignoring short-term market fluctuations. Its stable set price serves as a benchmark for market stability and long-term support.

“The interaction between realized prices of new and old whales presents a global view of market dynamics. The significant build-up of new whales, bolstered by institutional investment and spot Bitcoin ETF approvals, reinforces the $60,000 support level.

Meanwhile, the stability shown by whales over the long term provides a fundamental layer of trust and strategic retention patterns.”

Flood of liquidity

Another factor validating the bullish narrative amid the market-wide recovery is the increased volume of stablecoins entering the market. Notable increases in stablecoin inflows have been found to coincide with bitcoin price fluctuations.

This trend points to increased liquidity in the market, which is crucial to sustain the ongoing uptrend.

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