As a professional translator, here is the translated content in English:
According to analysts at CryptoQuant, the price of Bitcoin has fallen below the key on-chain realized price level of $65,800, which is a critical support level in a bull market. With Bitcoin breaking below this crucial price support level, it may indicate a potential 8%-12% pullback, potentially pushing the price towards $60,000.
The market report from CryptoQuant suggests that despite Bitcoin falling below this key level, the downward pressure may be limited. However, there is a lack of bullish momentum in the market. Analysts at CryptoQuant added that traders have not increased their Bitcoin holdings, and the demand from whales or large holders remains weak. Additionally, stablecoin liquidity continues to slow down, reaching its lowest growth rate since November 2023.
