Bitcoin

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  <p class="is-style-lead">Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) 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.</p> 
  <p>The broader cryptocurrency market gained $70 billion in less than five hours after a US judge&nbsp;<a href="https://crypto.news/xrp-is-not-a-security-us-judge-rules/" rel="noopener noreferrer nofollow">ruled</a>&nbsp;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.</p> 
  <p> You might also like: <a href="https://crypto.news/us-sec-accepts-blackrocks-spot-bitcoin-etf-application/" rel="noopener noreferrer nofollow"> US SEC accepts BlackRock’s spot Bitcoin ETF application </a> </p> 
  <p>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.</p> 
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     <p lang="en" dir="ltr">Why is <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a>'s Price Failing to Move?<br><br>"The price of Bitcoin has been lodged within a narrow corridor for the past three months, and this can be explained by several key factors: Short-Term Holders, Miners, and Volatility."<br><br>Quicktake Post by <a href="https://twitter.com/AxelAdlerJr?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@AxelAdlerJr</a> <br><br>Thread🧵 <a href="https://t.co/2dCI3HyPwh" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/2dCI3HyPwh</a></p>— CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1681183875861741570?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 18, 2023</a> 
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  <p>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. </p> 
  <p>Meanwhile, miners have been actively selling their diggings as the next halving event gets closer, estimated to take place in April 2024.<br>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.</p> 
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     <p lang="en" dir="ltr">📉 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> Number of Exchange Deposits (7d MA) just reached a 1-month low of 1,949.310<br><br>Previous 1-month low of 1,959.554 was observed on 13 July 2023<br><br>View metric:<a href="https://t.co/v3uKq4dCjX" target="_blank" rel="noopener noreferrer nofollow">https://t.co/v3uKq4dCjX</a> <a href="https://t.co/eJ2RSzjfgb" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/eJ2RSzjfgb</a></p>— glassnode alerts (@glassnodealerts) <a href="https://twitter.com/glassnodealerts/status/1681050019707641857?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 17, 2023</a> 
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  <p>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.</p> 
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     BTC price – July 18 | Source: Trading View 
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  <p>The increase in Bitcoin’s trading activity may indicate a temporary price surge. A&nbsp;<a href="https://crypto.news/long-term-bitcoin-indicators-suggest-a-slow-but-steady-rise-ahead/" rel="noopener noreferrer nofollow">report</a>&nbsp;from July 17 suggests that the rise of long-term BTC holders could support prices in future sessions.</p> 
  <p> Read more: <a href="https://crypto.news/us-sec-accepts-blackrocks-spot-bitcoin-etf-application/" rel="noopener noreferrer nofollow"> US SEC accepts BlackRock’s spot Bitcoin ETF application </a> </p>
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Bitcoin holds steady above $30,000 as selling pressure intensifies

crypto.news

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