Bitcoin holds steady above $30,000 as selling pressure intensifies

Bitcoin (BTC) has remained above $30,000 for the past month despite market indicators suggesting weakness. All that while, miners have been trying to liquidate their holdings.

The broader cryptocurrency market gained $70 billion in less than five hours after a US judge ruled in favor of Ripple and XRP on July 13. The Bitcoin price rose to $30,800 on July 13 but fell below $30,000 twice in the past week, dropping to as low as $29,685 on July 17.

Data from CryptoQuant suggests that the consolidation at around $30,000 may be due to mixed factors, including short-term holders (STHs), miners, and volatility.

Since April, the supply of STHs has gradually decreased, with sudden hikes at some bullish points. Overall, they have been selling less, which could significantly decrease bitcoin’s selling pressure.

Meanwhile, miners have been actively selling their diggings as the next halving event gets closer, estimated to take place in April 2024.
Amid this development, Bitcoin’s volatility has been falling over the past four months while the number of Bitcoin exchange deposits fell to a one-month low, according to data provided by Glassnode.

At the time of writing, Bitcoin is trading at $30,020, down by 0.8% over the past 24 hours. However, its 24-hour trading volume has increased by almost 70%, reaching $13.84 billion, while the market cap remains below $584 billion.

The increase in Bitcoin’s trading activity may indicate a temporary price surge. A report from July 17 suggests that the rise of long-term BTC holders could support prices in future sessions.