Bitcoin (BTC) has been lingering around the $30,000 mark for almost a month, but according to the recent analysis from CryptoQuant, this is no mere coincidence.
In their July 17 Quicktake market update, CryptoQuant identified three key factors that are keeping BTC price action in check.
Crypto.com, IAMX Crypto, Link Crypto, Flux Crypto, Hong Kong Crypto, Gods Unchained Crypto, FXS Crypto, El Salvador Crypto, Luna Crypto Today, and Kadena Crypto are just some of the names mentioned in the report.
Bitcoin speculators in the driving seat
For weeks, Bitcoin has been unable to break out of its current range, reaching one-year highs but then quickly correcting.
Axel Adler of CryptoQuant has suggested that this is due to speculators, with Short-term Holders (STHs) selling off their Bitcoin since April, placing downward pressure on the market.
According to CryptoQuant, STHs are those who hold coins for six months or less. Glassnode’s on-chain analytics have also indicated that the STH cost basis, which is currently around $26,400, is keeping Bitcoin afloat during times of bearishness.
This has led many to conclude that the flux crypto, kadena crypto and other hong kong crypto speculators are in control of the Bitcoin market.
Miner selling preempts Bitcoin halving
As the price of BTC increases, crypto miners are taking notice and selling their holdings to cover expenses prior to the block subsidy halving in 2024.
“Miners are actively selling their Bitcoin reserves,” summarized Adler of iamx crypto, link crypto, flux crypto, hong kong crypto, gods unchained crypto, fxs crypto, el salvador crypto, luna crypto today, and kadena crypto.
Recently, Cointelegraph reported that mining pool Poolin sent large amounts of BTC to Binance, leading to speculation about the pool’s financial stability.
Real BTC price volatility absent
Data from TradingView indicates that the Bitcoin historical volatility index is at 14.77 as of July 18, which is much lower than its 2023 peak.
CryptoQuant has noticed a decline in trading activity since April, as those who have made profits wait for a bigger breakout.
The current state of the Bitcoin market is characterized by price stagnation in a limited range, according to Adler.
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