Bitcoin Price Reclaims $60K as Whale Activity Hits Two-Month High
Key Insights:
- Bitcoin price reclaimed $60K as whale transactions reached a two-month high.
- $57K and $54K remain key downside zones if selling pressure returns.
- Whale activity shows renewed interest, but a confirmed bottom is still unclear.
Bitcoin price moved back toward the $60,000 area after a brief break lower, as whale activity returned during a fragile market rebound. BTC traded around $59,900 after falling more than 5% on the weekly chart. The move came as Santiment data reveals a sharp rise in Bitcoin whale activity.
The network recorded 6,920 transactions above $100,000 and 1,438 transactions above $1 million. That marked the second-largest whale activity spike in two months. Still, weak demand, negative momentum, and downside liquidity pressure keep traders cautious ahead of July.
Bitcoin Price Reclaims $60K as Whale Activity Returns
Bitcoin price recovered the $60,000 area after sellers pushed BTC toward short-term lows. The level remains important because it shapes sentiment across spot and derivatives markets. A clean daily hold above this area could slow panic selling.
BTC Whales chart | Source: Santiment
The rebound followed a large spike in whale transactions. Santiment data showed that large wallets became active as BTC tested lower levels. Such a “smart” on-chain action often comes in the wake of a big sell-off.
The momentum remains weak at this time. BTC is far below recent highs, and the RSI is at oversold levels. The MACD also indicates that the market has not regained bullish control.
Bitcoin Whales Show Life While Spot Demand Stays Weak
Bitcoin whales are sending mixed signals to the market. Their return suggests that large holders are paying attention near the $60,000 zone. Yet broader demand data show that buyers have not fully returned.
Analyst Ali Martinez noted Bitcoin’s apparent demand has stayed negative for 208 straight days. The metric recently dropped to a new low of around -273,000 BTC. That signals older supply entering circulation faster than new spot demand can absorb it.
Bitcoin’s apparent demand | Source: X
The weakness has lasted through much of 2026. Bitcoin is heading into the final days of June with an estimated monthly decline near 18%. That makes a green monthly close unlikely unless BTC sees a sharp reversal.
Coinbase Premium has also remained weak, according to market commentary. A negative premium often points to softer U.S. demand. That adds pressure because institutional and American spot flows have played a key role in past Bitcoin rallies.
Bitcoin Price Faces $57K Trap and $54K Realized Price
The Bitcoin price now has two key downside levels in focus. The first sits near $57,000, where traders are watching a possible liquidation trap. A move into that zone could force leveraged longs out of the market.
The second level sits closer to $54,000. That area has been linked to realized price, where the market’s average cost basis becomes important. A move there would place more holders near break-even or underwater.
The MVRV ratio also matters around this zone. If MVRV reaches 1.0, BTC would trade near the holders’ average cost of acquisition. That condition often occurs during periods of deep stress.
Some traders are also watching lower prediction-market targets. Kalshi traders have discussed the possibility of Bitcoin falling toward $45,000 this year. That view reflects caution rather than a confirmed path.
For bulls, the next task is simple. Bitcoin’s price must hold $60,000 and move away from recent lows. It also needs better spot demand and stronger ETF flows to confirm that buyers are returning.
For bears, a break below $57,000 would reopen the downside case. A deeper move toward the $54,000 realized price would test whether long-term holders can absorb more supply.
The post Bitcoin Price Reclaims $60K as Whale Activity Hits Two-Month High appeared first on The Coin Republic.
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