ANALYSIS: Bitcoin Price Faces 'Major Pullback' Despite Massive Increase in Bitcoin Mega-Whale Holdings

On July 11th, according to a new report from CryptoQuant, Bitcoin is now at a 'critical point', with indicators on multiple necklaces signaling further declines while the whales are experiencing the fastest increase in bitcoin holdings in over a year.

Despite Bitcoin's rally above $57,000, continued selling by the German government and repayment by Mt. Gox threaten further declines.

CryptoQuant reports that the Profit Loss (PL) Index is hovering near its 365-day moving average (MA). If the index falls below its 365-day moving average, Bitcoin could begin a major correction, as it has in previous declines.

CryptoQuant's Bitcoin Bull/Bear Market Cycle Indicator is also approaching key levels and 'could turn into a bear market if the price falls further'.