According to a new report from CryptoQuant, Bitcoin is currently at a "pivotal point", with indicators on multiple necklaces signalling further declines, while whales are experiencing the fastest rate of Bitcoin accumulation in more than a year. While Bitcoin has rallied above $57,000, continued selling by the German government and repayments from Mt. Gox threaten further declines. CryptoQuant reports that the profit and loss (P & L) index is hovering near its 365-day moving average (MA). If the index falls below its 365-day moving average, Bitcoin could begin a major correction, as it has in previous declines. CryptoQuant's Bitcoin Bull-Bear Cycle indicator is also approaching key levels and "could turn into a bear market if prices fall further".