The recent recovery of bitcoin above $66,000 has brought new hope to the market after a period of stagnation. According to CryptoQuant's latest findings, the $60,000 price point has emerged as a critical on-chain support level, backed by new whale accumulation and the stability of long-term holders.

New whales, defined as addresses holding over 1,000 BTC for less than 6 months, have been accumulating bitcoin around the $60,000 level, positioning it as a significant support level on-chain. Their average acquisition cost, or realized price, is approximately $60,000, indicating their confidence in entering the market and the strength of this price level as a floor for BTC.

Long-term whales, who have held over 1,000 BTC for more than 6 months, have shown a stable realized price, reflecting their experienced strategies and low turnover rates. This stability indicates a long-term accumulation approach and potential confidence in bitcoin's long-term value, ignoring short-term market fluctuations.

The interaction between new and old whales' realized prices presents a comprehensive view of market dynamics. The significant accumulation by new whales, bolstered by institutional investment and spot Bitcoin ETF approvals, reinforces the $60,000 support level. Meanwhile, the stability exhibited by long-term whales provides a foundational layer of confidence and strategic holding patterns.

Additionally, the surge in stablecoin inflows has validated the bullish narrative amid the market-wide recovery. Notable upticks in stablecoin inflows have coincided with bitcoin's price fluctuations, indicating increased liquidity in the market, crucial for sustaining the ongoing uptrend.