Bitcoin Price Is “Stuck” At $30,000 – Here Are 3 Reasons Why
Bitcoin bulls face a cocktail of short-term holder and miner selloffs, along with a severe lack of volatility .
= =.jpg 1x, https://images.cointelegraph.com/images/960_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDcvNTQ5ZGIxMjgtNTM2YS00NDgyLTk1ZmEtZGZjY2E4YmIzZjkzLmpwZw == .jpg 2x" src="https:// alt="B The itcoin price is "stuck" at $30,000 — Here are 3 reasons why" class="lazy-image__img type:primaryImage"/ > Market news Join us on social networksBitcoin (BTC) spent nearly a month at or near $30,000, but that's no coincidence, according to new analysis.
In one of its July 17 Quicktake market updates, on-chain analytics platform CryptoQuant highlighted three key factors that are keeping BTC price action in the same place. Bitcoin speculators in control
Bitcoin fended off any breakout attempts for weeks, hitting occasional one-year highs but dropping ever lower thereafter.
For CryptoQuant contributor Axel Adler, this has its roots, among other things, in speculative trading.
Short-term (STH) holders, he notes, have been selling off their holdings since April, leading to increased selling pressure above $30,000.
“This group is actively selling off its Bitcoin reserves, putting significant pressure on the market,” he wrote.
"This indicates that short-term investors are actively liquidating their assets, locking in profits."
CryptoQuant defines STHs as entities storing coins for six months or less.
Annotated chart of Bitcoin STH supply. Source: CryptoQuantOther recent data from on-chain analytics firm Glassnode has led analysts to conclude that the STH cost base - recently around $26,400 - is also holding BTC price action afloat in times of more pronounced downward pressure.
Selling Miners Prevents Bitcoin HalvingBitcoin miners are also on the radar this quarter as rising BTC prices trigger a surge in selling.
For Adler, sell BTC holdings to cover expenses before the
Bitcoin bulls face a cocktail of short-term holder and miner selloffs, along with a severe lack of volatility .
= =.jpg 1x, https://images.cointelegraph.com/images/960_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDcvNTQ5ZGIxMjgtNTM2YS00NDgyLTk1ZmEtZGZjY2E4YmIzZjkzLmpwZw == .jpg 2x" src="https:// alt="B The itcoin price is "stuck" at $30,000 — Here are 3 reasons why" class="lazy-image__img type:primaryImage"/ > Market news Join us on social networksBitcoin (BTC) spent nearly a month at or near $30,000, but that's no coincidence, according to new analysis.
In one of its July 17 Quicktake market updates, on-chain analytics platform CryptoQuant highlighted three key factors that are keeping BTC price action in the same place. Bitcoin speculators in control
Bitcoin fended off any breakout attempts for weeks, hitting occasional one-year highs but dropping ever lower thereafter.
For CryptoQuant contributor Axel Adler, this has its roots, among other things, in speculative trading.
Short-term (STH) holders, he notes, have been selling off their holdings since April, leading to increased selling pressure above $30,000.
“This group is actively selling off its Bitcoin reserves, putting significant pressure on the market,” he wrote.
"This indicates that short-term investors are actively liquidating their assets, locking in profits."
CryptoQuant defines STHs as entities storing coins for six months or less.
Annotated chart of Bitcoin STH supply. Source: CryptoQuantOther recent data from on-chain analytics firm Glassnode has led analysts to conclude that the STH cost base - recently around $26,400 - is also holding BTC price action afloat in times of more pronounced downward pressure.
Selling Miners Prevents Bitcoin HalvingBitcoin miners are also on the radar this quarter as rising BTC prices trigger a surge in selling.
For Adler, sell BTC holdings to cover expenses before the
What's Your Reaction?
![Three of ID's top PR executives quit ad firm Powerhouse [EXCLUSIVE]](https://variety.com/wp-content/uploads/2023/02/ID-PR-Logo.jpg?#){kind=logo}
