Bitcoin price is attempting to stabilize after falling toward $60,000 , while exchange data points to heavy accumulation by large holders. Whales reportedly withdrew more than 11,000 BTC during the latest downturn, reducing the amount available for immediate trading. Meanwhile, one analyst says a long-term technical structure could support a much larger recovery if Bitcoin holds its key support zone. Whale Withdrawals Support Bitcoin Price Recovery On-chain data indicates that large holders withdrew about 11,422 BTC from exchanges over five days. Based on prices during the period, the transfers represented roughly $700 million worth of Bitcoin moving away from trading platforms and into private wallets. Exchange withdrawals often suggest that holders do not plan to sell the assets immediately. Moving Bitcoin into cold storage can reduce short-term market supply, especially when withdrawals occur during a sharp price decline. Still, such movements do not guarantee that the Bitcoin price will recover. The accumulation followed Bitcoin’s fall from above $71,000 toward the $60,000 area. According to the supplied data, negative exchange netflows appeared between June 5 and June 9, with the largest daily withdrawal occurring near the local price bottom. Whales Increase Activity Near the $60,000 Zone The Exchange Whale Ratio reportedly climbed to 61.6% as Bitcoin traded around $60,000 to $61,000. The ratio tracks the share of exchange deposits linked to the largest transactions and can help measure whale participation during periods of market stress. Exchange Whale Ratio | Source: X Higher whale activity near the bottom suggests that large investors played a major role as selling pressure increased. The data also indicates that earlier inflows from dormant wallets may have added supply to exchanges before Bitcoin dropped from the $71,000 region. However, the available figures do not prove that every large transaction represented a purchase. Exchange activity can include internal transfers, collateral movements, and trades between large market participants. Bitcoin must therefore hold above nearby support before the accumulation trend can support a stronger recovery case. Can $60,000 Become a Reliable Bitcoin Floor? Bitcoin briefly moved below $60,000 before recovering, making the level an important area for traders. A sustained move above $60,000 would suggest that buyers are absorbing supply, while another break below it could reopen the path toward lower support levels. The recent withdrawals may help reduce selling pressure by limiting the volume of Bitcoin held on exchanges. Nevertheless, price direction will also depend on spot demand, derivatives' positioning, and wider market conditions. The $60,000 to $61,000 range has now attracted both large withdrawals and stronger whale participation. Analyst Sees a Long-Term Pattern Targeting $220,000 Crypto analyst Bitcoin Teddy says Bitcoin price has completed a multi-year cup-and-handle formation. According to the analysis, the recent test of $60,000 formed the handle after the wider cup developed over several years. The analyst believes the pattern completed a breakout, a retest, and structural confirmation. Bitcoin’s rebound after briefly losing $60,000 is presented as the confirmation stage, although the setup still requires sustained buying momentum. Based on the pattern’s projected measurement, the analyst placed a minimum Bitcoin price target near $220,000. That forecast would require a gain of almost 300% from levels near the latest market low.