Short-term Investors Are Selling Their Bitcoins
The activity of sellers increased on the night of Wednesday, July 19, resulting in the BTC price falling below the $30,000 level.
Data from Glassnode revealed that short-term investors were the main contributors to this drop, as they had been anticipating profit taking for weeks.
However, long-term investors who had held their BTC for a year or more seemed to not be joining in the selling yet, likely waiting for BTC prices to rise back up before they begin to offload some of their coins.
With the failure of the $30,000 mark to provide support, the bears were effectively able to push the currency down.
Analysts have identified the $28,500 to $29,500 range as the support zone for Bitcoin, and the RSI suggests that it is currently oversold.
If long-term investors continue to avoid selling, Bitcoin could be able to recover and cut its losses in the coming days.
