Bitcoin's recovery above $66,000 this week has sparked optimism in the market, with the $60,000 price point emerging as a significant on-chain support level. This is backed by new whale accumulation and the stability of long-term holders.

CryptoQuant's latest findings reveal new whales, defined as addresses holding over 1,000 BTC for less than 6 months, have been accumulating bitcoin around the $60,000 level. This influx of institutional investors, following the approval of spot Bitcoin ETFs in the US, has solidified this price level as a key support zone.

Long-term whales, those holding over 1,000 BTC for more than 6 months, have shown a stable realized price, reflecting their experienced strategies and long-term accumulation approach. This stability serves as a benchmark for market stability and long-term support.

The surge in the volume of stablecoins entering the market is another factor validating the bullish narrative. The uptick in stablecoin inflows has coincided with bitcoin’s price fluctuations, indicating increased market liquidity, crucial for sustaining the ongoing uptrend.