Bitcoin rebounded after falling to $59,100 and climbed back above $60,000, briefly reaching around $64,000. Foreign media reports that while prices have recovered in the short term, market volatility remains significant, and the rebound is not yet firmly established.
As of press time, BTC was trading at $63,058, up approximately 2.03% in the last 24 hours. Trading volume rose to $36 billion during the same period, indicating a recovery in market participation.
The whale completed its buy and sell transactions within two days.
According to on-chain data platform Lookonchain, a Bitcoin whale bought 1,656 BTC at an average price of around $59,734, a transaction value of approximately $98.93 million. As Bitcoin rebounded above $60,000 and moved towards $64,000, these holdings were subsequently transferred to Binance.
The article states that the address closed out its positions within two days, with an estimated profit of approximately $3.5 million. This action reflects that some large-scale accounts are more inclined to lock in profits quickly at this stage, rather than continuing to hold and wait for higher prices.
Meanwhile, the exchange's whale ratio rose to a two-week high of 0.6, indicating an increasing flow of large sums of money into exchanges. Such changes are typically interpreted by the market as a signal of potential increasing selling pressure, especially when prices have just begun to correct.
Momentum indicators remain in a weak range.
Market indicators cited by foreign media show that Bitcoin's trend momentum has been in negative territory for three consecutive weeks. By June 8, the indicator had further dropped to -20, indicating that the market is still dominated by sellers.
The article argues that if whales continue to reduce their holdings and selling pressure persists during the rebound, Bitcoin's price could fall back to around $60,000. In other words, while the current rebound exists, it has not yet escaped its weak trend.
Net outflows from exchanges indicate that there is still buying support.
However, the market isn't just about selling. The exchange net outflow metric has been negative for four consecutive days, which typically means more Bitcoin is being withdrawn from exchanges, reflecting that buyers are still actively absorbing it.
The article suggests that this buying is more likely from small to medium-sized investors. If these bargain hunters can continue to absorb the selling pressure from whales, Bitcoin still has a chance to rise back above $65,000 and continue testing higher levels.
Overall, the core judgment of this commentary is that after Bitcoin rebounded from the low of $59,100, a short-term correction has occurred, but the rapid profit-taking by whales and weak momentum indicators are still limiting further price increases.
