Bitcoin has posted its lowest level ever on the daily and two-week relative strength index (RSI), while accumulation by whales and retail investors continues.

On June 8 (local time), blockchain outlet Cointelegraph reported that some analysts viewed this as a long-term buying opportunity, but said there was still a possibility the bitcoin price could fall further below $60,000.

On-chain data showed diverging investor responses. Over the past 60 days, wallets holding 1,000 to 10,000 BTC added 53,042 BTC, the biggest increase. Wallets holding 100 to 1,000 BTC increased by 12,233 BTC and wallets holding 10 to 100 BTC added 1,283 BTC. By contrast, wallets holding more than 10,000 BTC reduced holdings by 39,840 BTC over the same period, and wallets holding 1 to 10 BTC also cut exposure.

Buying by smaller investors was also seen. Glassnode's accumulation trend score showed wallets with less than 0.1 BTC scored 0.78, the highest among those tracked. Wallets holding 10 to 100 BTC scored 0.71, indicating steady buying over recent weeks. The market views whales and some retail investors, excluding ultra-large holders, as accumulating during a period of price weakness.

Michael van de Poppe (마이클 반 데 포페), founder of MN Capital, said bitcoin's weak momentum could instead be a long-term buying opportunity. He said both the two-week RSI and daily RSI were at their lowest levels in bitcoin history, and added that fear-driven selling could continue but the process could create a rare buying opportunity.

Signals warning of further declines were also presented. Market analyst Titan of Crypto highlighted a fair value gap (FVG) range of $56,800 to $44,600 on the quarterly chart. A fair value gap refers to a price gap where trading was relatively light because bitcoin moved sharply in one direction over a short period. On quarterly charts, bitcoin formed a bottom after revisiting similar imbalance zones in 2011, 2013, 2017 and 2020. This zone, formed in 2024, has not yet been filled, and could become an important price area if the correction continues.

A long-term valuation indicator also suggested a bottom range. Raphael (라파엘), a Glassnode co-founder, said bitcoin's CVDD-to-price ratio, which compares market price with a historical cost floor by reflecting coin movement patterns based on holding periods, was currently around 0.73. "The CVDD low is currently near $46,000," he said, adding that if a similar pattern repeats, a potential bottom could form in the $52,000 to $59,000 range.

In the end, the market is seeing both technical oversold signals and actual accumulation data at the same time, but views on the downside for prices remain open. Bitcoin investors have entered a phase of watching whether accumulation by whales and retail investors continues, while also seeing whether prices below $60,000 are actually tested.

$BTC's CVDD/Price Ratio is at 0.73 and climbing. At prior cycle lows it peaked near 1 (0.90/0.91/0.95 in 2015/18/22) as price meets the CVDD floor. With the current floor ~$46K, a repeat would point to a bottom near $52–59K, ~12–13 months past the Oct 2025 ATH → Q4 2026. pic.twitter.com/0lAqQJcNn2