ANALYSIS: Bitcoin Price Faces 'Major Pullback' Despite Massive Increase in Bitcoin Mega-Whale Holdings
On July 11th, according to a new report from CryptoQuant, Bitcoin is now at a 'critical point', with indicators on multiple necklaces signaling further declines while the whales are experiencing the fastest increase in bitcoin holdings in over a year.
Despite Bitcoin's rally above $57,000, continued selling by the German government and repayment by Mt. Gox threaten further declines.
CryptoQuant reports that the Profit Loss (PL) Index is hovering near its 365-day moving average (MA). If the index falls below its 365-day moving average, Bitcoin could begin a major correction, as it has in previous declines.
CryptoQuant's Bitcoin Bull/Bear Market Cycle Indicator is also approaching key levels and 'could turn into a bear market if the price falls further'.
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.
