Bitcoin reclaimed the $60,000 level after a brief dip below it, coinciding with a sharp rise in large-scale transactions that reached a two-month high. On-chain data from Santiment revealed 6,920 transactions worth over $100,000 and 1,438 transactions exceeding $1 million, marking the second-largest whale activity spike in the past two months.
Market analyst Michaël van de Poppe noted that Bitcoin remained tightly range-bound around $60,000 but still held below its 200-week moving average, a level closely watched by long-term traders. He highlighted weakness in related assets, pointing out that MSTR was in a freefall with its lowest RSI since the Luna crash, making Bitcoin's defense of the $60,000 zone appear relatively resilient.
Whale transactions often surge during rapid price swings, but they do not inherently confirm buying or selling. The timing of the spike, right after BTC dropped under $60,000, drew attention to possible accumulation or fund repositioning by large holders. A separate on-chain analysis noted that whale sell pressure appeared to be cooling, even as broader risk appetite remained limited.
Analysts caution that blockchain data alone cannot determine intent—transfers could involve internal custody moves or exchange positioning. The current setup is best treated as a market-analysis context rather than a definitive directional forecast. Traders are now watching for confirmation through liquidity, volume, and daily close structures to assess whether the whale signal translates into durable support or fades within a volatile range.
