Bitcoin (BTC) is at a pivotal point, with onchain metrics signaling potential downside, according to a CryptoQuant report. Despite a recent rebound above $57,000, continued selling threatens further losses. The report reveals that the profit and loss (P&L) index is hovering around its 365-day moving average (MA). If it drops below this, Bitcoin could face a major correction. CryptoQuant's Bitcoin bull-bear market cycle indicator is also nearing a critical level, suggesting a possible switch to a bear market. Meanwhile, Bitcoin whales have been aggressively accumulating, boosting their holdings by 6.3% over the past month. Despite BTC's price drop, institutional investors poured $143.1 million into spot Bitcoin ETFs on July 5, followed by $294.9 million and $216.4 million net inflows on July 8 and July 9, respectively.