According to a new report from CryptoQuant on July 11, Bitcoin is currently at a "critical point", with multiple on-chain indicators showing signs of further decline, while whales are experiencing the fastest Bitcoin accumulation rate in more than a year.
Despite Bitcoinâs rebound above $57,000, continued selling by the German government and the Mt. Gox payback threaten further declines.
CryptoQuant reports that the Profit and Loss (P&L) index is hovering near its 365-day moving average (MA). If the index falls below its 365-day MA, Bitcoin could start a major correction like the previous declines.
CryptoQuantâs Bitcoin Bull-Bear Cycle Indicator is also approaching a key level and âcould turn into a bear market if prices fall further.â