Bitcoin Price on the Brink: Is a 'Summer 2021' Crash Coming?

Summary:

Onchain data suggests Bitcoin (BTC) is at a pivotal point and might be headed for a significant correction.
The Profit & Loss (P&L) index is hovering near its 365-day moving average, a drop below which has historically signaled major corrections.
The Bull-Bear Market Indicator is approaching a critical level, similar to its behavior during previous bear market transitions.
Tether (USDT) market cap growth has stalled, potentially hindering a rally due to limited liquidity.
Bitcoin whales are accumulating at the fastest rate in over a year, demonstrating rising demand for Bitcoin at lower levels.
Institutional investors are pouring money into spot Bitcoin ETFs, highlighting Bitcoin's increasing mainstream acceptance.
Bitcoin's short-term resistance sits at $59,000, marked by the 200-day simple moving average, and breaking this level could lead to further losses.

Bitcoin on the Edge of a Correction?

Despite Bitcoin whales accumulating at the fastest rate in over a year, onchain data suggests Bitcoin (BTC) might be headed for a significant correction, reminiscent of the 'Summer 2021' downturn.

Key indicators point towards a potential downturn:

Profit & Loss (P&L) index: Hovering near its 365-day moving average, with a drop below this level historically associated with major corrections.
Bull-Bear Market Indicator: Approaching a critical level, mirroring its behavior during previous bear market transitions.
Tether (USDT) Market Cap: Stalled growth, indicating limited liquidity for a potential rally.

While whales are accumulating, other factors are raising concern:

German government selling and Mt. Gox repayments: Adding pressure to the already bearish market.
Institutional support: While inflows into spot Bitcoin ETFs demonstrate growing mainstream adoption, they might not be enough to offset the selling pressure.

Technical perspective: