Odaily Planet Daily News According to a new report from CryptoQuant, Bitcoin is currently at a "critical point", with multiple on-chain indicators showing signs of further declines, while whales are experiencing the fastest Bitcoin accumulation rate in more than a year. Although Bitcoin has rebounded above $57,000, the continued selling by the German government and the repayment of Mt.Gox threaten Bitcoin to fall further. The CryptoQuant report shows 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 moving average, Bitcoin may start a major adjustment like the previous decline. CryptoQuant's Bitcoin Bull and Bear Cycle Indicator is also approaching a critical level and "may turn into a bear market if prices fall further."