{"id":335255,"date":"2023-08-13T20:00:49","date_gmt":"2023-08-13T14:30:49","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=335255"},"modified":"2023-08-13T15:12:08","modified_gmt":"2023-08-13T09:42:08","slug":"heres-whats-keeping-bitcoin-below-the-30000-mark","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/heres-whats-keeping-bitcoin-below-the-30000-mark\/","title":{"rendered":"Here&#8217;s what&#8217;s keeping Bitcoin below the $30,000-mark"},"content":{"rendered":"<ul>\n<li><em>Bitcoin&#8217;s price stabilized around $29,000-$30,000 amidst market volatility<\/em><\/li>\n<li><em>Seller-taker volume and declining miner revenue surfaced as potential reasons for price suppression<\/em><\/li>\n<\/ul>\n<p>Amidst the backdrop of significant price fluctuations and heightened volatility, Bitcoin [BTC] has ultimately found a point of stability, hovering within the range of $30,000 to $29,000. This recent period of relative calm has prompted speculation among various experts regarding the potential for this subdued volatility to extend over a more prolonged duration.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read Bitcoin&#8217;s <a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\">Price Prediction 2023-2024<\/a><\/p>\n<hr \/>\n<h3>Hike in selling pressure<\/h3>\n<p>One noteworthy observation comes from analyst Maartunn at CryptoQuant, who <a href=\"https:\/\/twitter.com\/JA_Maartun\/status\/1690392756810854400\" target=\"_blank\" rel=\"noopener\">highlighted<\/a> a significant disparity between Sell Taker Volume and buyer activity. This ongoing discrepancy in trading volumes could lead to sustained downward pressure on the price, thereby preventing a decisive breakthrough above the $30,000-mark.<\/p>\n<p>For context, sell-taker volumes are the ratio of sell volume divided by the buy volume of takers in perpetual swap markets. It reflects the pre-eminence of selling pressure in the market.<\/p>\n<p>The impact of this sustained selling pressure is further underscored by the context of declining miner revenue. In fact, recent data revealed a reduction in miner earnings, with figures dropping from $41 million to $31 million over the last few months. This decline in revenue can potentially incentivize miners to offload their Bitcoin holdings to remain profitable.<\/p>\n<figure id=\"attachment_335293\" aria-describedby=\"caption-attachment-335293\" style=\"width: 1440px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/miners-revenue-13.png\"><img decoding=\"async\" class=\"wp-image-335293 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/miners-revenue-13.png\" alt=\"\" width=\"1440\" height=\"810\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/miners-revenue-13.png 1440w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/miners-revenue-13-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/miners-revenue-13-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/miners-revenue-13-768x432.png 768w\" sizes=\"(max-width: 1440px) 100vw, 1440px\" \/><\/a><figcaption id=\"caption-attachment-335293\" class=\"wp-caption-text\">Source: BTC.com<\/figcaption><\/figure>\n<p>Interestingly, despite the challenges posed by reduced miner revenue, other metrics suggested an underlying resilience within the network. Both hashrate and network growth have shown signs of improvement during this period, reflecting the strength of the Bitcoin ecosystem.<\/p>\n<figure id=\"attachment_335294\" aria-describedby=\"caption-attachment-335294\" style=\"width: 1440px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/hash-rate-2.png\"><img decoding=\"async\" class=\"wp-image-335294 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/hash-rate-2.png\" alt=\"\" width=\"1440\" height=\"810\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/hash-rate-2.png 1440w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/hash-rate-2-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/hash-rate-2-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/hash-rate-2-768x432.png 768w\" sizes=\"(max-width: 1440px) 100vw, 1440px\" \/><\/a><figcaption id=\"caption-attachment-335294\" class=\"wp-caption-text\">Source: BTC.com<\/figcaption><\/figure>\n<h3>Whales show interest<\/h3>\n<p>Contrary to these factors, whale behavior indicated a positive future for Bitcoin. For example, Glassnode&#8217;s data indicated that the number of addresses holding 10 or more BTC coins recently hit a three-year peak at 157,012.<\/p>\n<p>This uptick in whale activity suggests a growing appetite for Bitcoin accumulation among larger investors.<\/p>\n<figure id=\"attachment_335295\" aria-describedby=\"caption-attachment-335295\" style=\"width: 2400px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/F3XRFqFW0AAdofE.jpeg\"><img decoding=\"async\" class=\"wp-image-335295 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/F3XRFqFW0AAdofE.jpeg\" alt=\"\" width=\"2400\" height=\"1200\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/F3XRFqFW0AAdofE.jpeg 2400w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/F3XRFqFW0AAdofE-300x150.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/F3XRFqFW0AAdofE-1024x512.jpeg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/F3XRFqFW0AAdofE-768x384.jpeg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/F3XRFqFW0AAdofE-1536x768.jpeg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/F3XRFqFW0AAdofE-2048x1024.jpeg 2048w\" sizes=\"(max-width: 2400px) 100vw, 2400px\" \/><\/a><figcaption id=\"caption-attachment-335295\" class=\"wp-caption-text\">Source: glassnode<\/figcaption><\/figure>\n<p>A parallel development involved HODLing behavior observed from BTC addresses. Notably, figures for the amount of HODLed or lost coins achieved a five-year high at press time.<\/p>\n<p>This revealed a propensity among current investors to retain their holdings over an extended period. This behavior also reflected a sense of confidence and long-term conviction in Bitcoin, despite a lack of positive price movement on the charts.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? <a href=\"http:\/\/ambcrypto.com\/calculator\/bitcoin-profit-calculator\" target=\"_blank\" rel=\"noopener\">Check out the Bitcoin Profit Calculator<\/a><\/p>\n<hr \/>\n<figure id=\"attachment_335296\" aria-describedby=\"caption-attachment-335296\" style=\"width: 2400px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/F3X6aT-XMAAAsEz.jpeg\"><img decoding=\"async\" class=\"wp-image-335296 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/F3X6aT-XMAAAsEz.jpeg\" alt=\"\" width=\"2400\" height=\"1200\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/F3X6aT-XMAAAsEz.jpeg 2400w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/F3X6aT-XMAAAsEz-300x150.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/F3X6aT-XMAAAsEz-1024x512.jpeg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/F3X6aT-XMAAAsEz-768x384.jpeg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/F3X6aT-XMAAAsEz-1536x768.jpeg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/F3X6aT-XMAAAsEz-2048x1024.jpeg 2048w\" sizes=\"(max-width: 2400px) 100vw, 2400px\" \/><\/a><figcaption id=\"caption-attachment-335296\" class=\"wp-caption-text\">Source: glassnode<\/figcaption><\/figure>\n<p>At press time, Bitcoin&#8217;s price stood at $29,300. Furthermore, the velocity of transactions had fallen, implying a reduction in the frequency of BTC transfers.<\/p>\n<figure id=\"attachment_335297\" aria-describedby=\"caption-attachment-335297\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-14.34.55-13-Aug-2023.png\"><img decoding=\"async\" class=\"wp-image-335297 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-14.34.55-13-Aug-2023.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-14.34.55-13-Aug-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-14.34.55-13-Aug-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-14.34.55-13-Aug-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-14.34.55-13-Aug-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-14.34.55-13-Aug-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-14.34.55-13-Aug-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-335297\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin&#8217;s recent price stability near $30,000 reflects sell-taker dominance. Declining miner revenue and rising whale interest shape its trajectory too. <\/p>\n","protected":false},"author":73,"featured_media":335301,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-335255","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Here&#039;s what&#039;s keeping Bitcoin below the $30,000-mark - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Amidst the backdrop of significant price fluctuations and heightened volatility, Bitcoin [BTC] has ultimately found a point of stability...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/heres-whats-keeping-bitcoin-below-the-30000-mark\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Here&#039;s what&#039;s keeping Bitcoin below the $30,000-mark - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Bitcoin&#039;s recent price stability near $30,000 reflects sell-taker dominance. 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