BTC back below $30k: These holders could be ‘why’

, the short-term holder realized price witnesses a drop when the accumulating interest in new investors goes down. These new investors are typically in the market for the last 1-3 months.

Furthermore, the realized price of the short-term and long-term bands has a significant impact on the market. The short-term realized prices of the short-term holders and long-term holders stood at 27.2k and 25.8k. However, the realized price for both the above-mentioned bands stood at 28.5k.As of 18 July, both the bands stood at a profit of 9.5% and 15.5% respectively. However, if a price correction does occur, there could be some selling pressure from these holders.

Furthermore, BTC’s Relative Strength Index also witnessed a drop and stood at 48.88 at the time of writing. This meant that BTC was a victim of some selling pressure over the last few days. Furthermore, BTC’s press time price was also 1.16% lower than the opening price for 18 July.It is safe to say that some short-term holders were selling their BTC as data from coinglass indicated that over the last 24 hours, BTC’s short positions outnumbered long positions.

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