Bitcoin has spent almost a month at or near $30,000, but this is no coincidence, new analysis claims.market updates on July 17, on-chain analytics platform CryptoQuant highlighted three key factors keeping BTC price action in the same place., making casual one-year highs but always falling lower afterward.
Short-term holders , he notes, have divested themselves of their holdings since April, leading to increased selling pressure above $30,000.
cryptoquant_com Bitcoin miners caught attention this quarter as BTC prices rise and boost revenues. Axel Adler, cryptoquant_com contributor, thinks miners cash out BTC holdings to cover costs before 2024 block reward reduction, affecting price now.
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