It’s no coincidence that Bitcoin (BTC) has been at or near $30,000 for nearly a month, new analysis says.

in one of the places shorthand In a July 17 market update, on-chain analytics platform CryptoQuant highlighted three key factors keeping BTC’s price action intact.

Bitcoin Speculators Dominate

Bitcoin has resisted any attempt at a breakout for several weeks, hitting occasional one-year highs, only to always fall afterwards.

For CryptoQuant contributor Axel Adler, it has its roots in speculative trading.

He noted that short-term holders (STH) have sold off their holdings since April, leading to increased selling pressure above $30,000.

“The group is aggressively dumping bitcoin reserves, putting enormous pressure on the market,” he wrote.

“This suggests that short-term investors are actively liquidating assets, thereby locking in profits.”

CryptoQuant defines STHs as entities that hold tokens for six months or less.

Bitcoin STH Supply Annotated Chart. Source: CryptoQuant

Other recent data from on-chain analytics firm Glassnode has led analysts to conclude that the STH cost base (recently around $26,400) is similarly holding BTC price action amid more pronounced downward pressure.

Miners Sell to Preempt Bitcoin Halving

Bitcoin miners were also in the spotlight this quarter, as higher Bitcoin prices sparked higher sales.

For Adler, the sale of BTC assets to cover fees ahead of the block subsidy halving in 2024 is another factor affecting price performance today.

“Miners are actively selling their bitcoin reserves,” he concluded.

“This didn’t happen by accident; we saw a spike in sales last year. It’s related to the upcoming halving event, when the reward for mining Bitcoin will be cut in half. Miners need liquidity to invest in new equipment to stay competitive.”

Bitcoin miner exchange inflow realized price annotated chart. Source: CryptoQuant

According to Cointelegraph, the mining pool Poolin has recently contributed a large amount of transaction inflow, sending a large amount of BTC to Binance.It has since become a topic of speculation rumor More than the financial viability of the pool.

Real bitcoin price does not fluctuate

For historical context, Bitcoin volatility remains at its lowest levels.

Related: BTC Traders Brace for $30,000 Losses – 5 Things to Know About Bitcoin This Week

CryptoQuant revealed that since April, there has been a net slowdown in trading activity as profit-takers hope for a bigger breakout ahead.

data from transaction view It shows that as of July 18, the Bitcoin historical volatility index was 14.77, even far below the peak in 2023.

Bitcoin historical volatility index chart. Source: TradingView

“All of these factors combine to create the current state of the bitcoin market, with prices appearing to be ‘stuck’ in a tight range,” Adler concluded.

“However, as with cryptocurrencies, changes can happen quickly, so investors and traders should closely monitor on-chain metrics to stay informed of market changes.”

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This article does not contain investment advice or advice. Every investment and transaction involves risk, and readers should do their own research when making a decision.