Bitcoin is facing another correction after it crossed the $62,000 level on October 2. However, the data shows that whales did not participate in the recent sell-off.
Bitcoin (BTC) consolidated around the $60,000 area from October 1-4 as geopolitical tension between Iran and Israel escalated.
Immediately after the US jobs report, the major cryptocurrency reached a local high of $62,370 on October 5 as the broader cryptocurrency market saw bullish momentum.
Bitcoin is down 0.2% over the past 24 hours and is trading at $61,950 at the time of writing. Daily trading volume is down 53% and is currently hovering at $12.2 billion.
According to data provided by IntoTheBlock, major Bitcoin holders recorded a net inflow of 205 BTC on October 5 as outflows remained neutral. The on-chain indicator shows that whales did not sell Bitcoin as its price crossed the $62,000 mark.
Meanwhile, Bitcoin transaction volume fell by 48% on October 5 – falling from $48 billion to $25 billion worth of Bitcoin. Low trading and transaction volumes usually indicate price consolidation and low volatility.
ITB data shows that Bitcoin registered a net outflow of $153 million from centralized exchanges over the past week. Increased exchange outflows indicate accumulation as bullish outlook for October rises.
It is important to note that macroeconomic events and geopolitical tensions can suddenly change the direction of financial markets, including cryptocurrencies.
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