Bitcoin (BTC) is at a "pivotal point" as some online metrics signal further declines while whales gain BTC at the fastest pace in the past year, according to a new report from CryptoQuant. 📉

Despite the rebound above $57,000, the German government's Bitcoin sales and Mt. Gox threatens further losses for BTC.

The CryptoQuant report shows that the profit and loss (P&L) index fluctuates around its 365-day moving average (MA). If this index falls below its 365-day, Bitcoin could begin a major correction, as it has during previous downturns.

According to CryptoQuant, these two indicators suggest that Bitcoin is at “a level where a local bottom could form or a major Summer 2021-style correction could occur.”

At the same time, Bitcoin whales have been accumulating aggressively as the recent slump has given large holders the opportunity to buy more on the dip, increasing their stack by 6.3% over the past month, the fastest pace since April 2023.