Bitcoin
have consolidated over $ 100,000 since the beginning of May. The only time the price drop under $ 100,000 was on June 22, which was a weekend when tensions escalated between Iran and the US
Due to typically low trade volume on weekends, the price action is often less reliable during these periods, as crypto is the only industry acting continuously.
Despite ongoing discussions about public companies acquiring Bitcoin globally, at the top of the availability of stock exchange funds in the United States, investors are still wondering why Bitcoin has not yet broken to new highest times over $ 112,000.
On-Kain data, specifically the revived supply division by age, shows elevated levels of bitcoin sold by investors who have kept their coins for at least 3 years and in some cases for over 10 years.
Analyst Checkmate provided this data and commented: “Look at all this award oppression that sells market manipulators who acquired their coins more than 3 years ago and certainly do not sell for profits in a bull market … a lot of paper.”
This means that for each buyer there is a seller, and in a bull market, the higher the price climbs, the more likely the market will find sellers who are willing to read their inventory.
CHECKMATE Furthermore, “always chops sideways. Suppression == boredom.” Since Bitcoin has consolidated for some time, this is typically where the tale of market oppression gets traction. However, the data indicates that sustained sales pressure continues rather than conscious oppression.
