BlockBeats News, June 9th. Bitcoin is currently facing downward risks, but multiple on-chain indicators show that the market is beginning to exhibit accumulation signals. Michael van de Poppe, the founder of MN Capital, stated that both the daily chart and the two-week RSI for Bitcoin have hit historical lows, marking what he considers to be the "best time to accumulate and buy Bitcoin." While panic selling may still persist, it could also present a rare buying opportunity.

On-chain data reveals that over the past 60 days, wallets holding between 1,000 and 10,000 BTC have accumulated 53,042 BTC, representing the largest accumulation among all groups. Wallets holding between 100 and 1,000 BTC have accumulated 12,233 BTC, and wallets holding between 10 and 100 BTC have accumulated 1,283 BTC. However, the largest entity holding over 10,000 BTC reduced its holdings by 39,840 BTC during the same period, and the group holding 1 to 10 BTC also decreased their exposure.

Analyst Titan of Crypto stated that the quarterly level fair value gap for Bitcoin is in the range of $56,800 to $44,600. Glassnode co-founder Rafael noted that if the CVDD indicator repeats a historical pattern, Bitcoin's potential bottom range could be between $52,000 and $59,000.