Bitcoin (BTC) Faces Correction After Surpassing the $62,000 Mark, But Whales Show No Signs of Selling

Bitcoin (BTC) consolidated around the $60,000 zone between Oct. 1 and 4 as the geopolitical tension between Iran and Israel heated up.

Bitcoin price corrected slightly on Oct. 5 after surpassing the $62,000 mark. However, on-chain data suggests that whales largely refrained from selling their BTC holdings despite the latest selloff.

Bitcoin price faced another minor correction on Oct. 5 after rallying past the $62,000 level. However, on-chain data shows that large Bitcoin holders didn’t participate in the latest selloff.

After consolidating around the $60,000 price level for several days amid rising geopolitical tensions between Iran and Israel, Bitcoin price began rallying on Oct. 5.

Following the U.S. jobs report, BTC price rallied to a local high of $62,370. But after briefly attempting to突破 the next resistance level, the flagship cryptocurrency pulled back.

Bitcoin price is currently trading at $61,950, showing a 0.2% decrease in the past 24 hours. BTC price is also up by 0.7% in the past seven days and has risen by 108% year-to-date.

On-chain data from IntoTheBlock shows that large Bitcoin holders, classified as those holding at least 100 BTC or more, recorded a net inflow of 205 BTC on Oct. 5. Notably, the outflows for large Bitcoin holders remained neutral throughout the day.

The on-chain metric indicates that whales didn’t sell their Bitcoin holdings despite the price rallying past the $62,000 level. However, the whale transaction volume decreased by 48%, falling from $48 billion to $25 billion in BTC.

Lower trading and transaction volumes typically indicate periods of price consolidation and reduced volatility in the market.

According to IntoTheBlock, Bitcoin registered a net outflow of $153 million from centralized exchanges in the past week. Increased exchange outflows can be indicative of accumulation, especially as bullish expectations for October continue to rise.

It is crucial to note that macroeconomic events and geopolitical tensions can rapidly alter the direction of financial markets, including the crypto market.

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