Bitcoin’s price has faced challenges in gaining momentum since the halving event. Nevertheless, the leading cryptocurrency experienced a notable rebound above $66,000 this week, bringing optimism after a period of stagnation.

Recent data shows that the $60,000 price level has emerged as a crucial on-chain support, strengthened by new whale accumulation and the stability of long-term holders. CryptoQuant's latest research indicates that new whales—addresses holding over 1,000 BTC for less than six months—have been accumulating Bitcoin around $60,000, establishing this as a significant support level on-chain. This accumulation is supported by institutional investors following the approval of spot Bitcoin ETFs in the US.

The average purchase price for these new whales is around $60,000, reflecting their confidence in the market and reinforcing this price as a support level. The additional institutional investment from spot ETFs has further validated $60,000 as a critical support zone. Long-term whales, those holding over 1,000 BTC for more than six months, have shown a stable realized price, indicative of their experienced strategies and low turnover rates, signaling a long-term accumulation approach.

The interaction between the realized prices of new and long-term whales provides a comprehensive view of market dynamics. The significant accumulation by new whales, supported by institutional investment and spot Bitcoin ETF approvals, strengthens the $60,000 support level. Meanwhile, the stability of long-term whales enhances market confidence and reflects strategic holding patterns.

Additionally, the increased volume of stablecoins entering the market supports the bullish trend amid the market recovery. These stablecoin inflows have been linked to Bitcoin’s price movements, indicating increased liquidity essential for maintaining the upward trend.