Bitcoin Stuck Below $85,000: Bull Run Shakeout Or Bearish Downtrend?
Bitcoin (CRYPTO: BTC) has been trading sideways over the past 30 days, prompting a debate about when the next strong trend will emerge.
What Happened: On-chain analytics firm CryptoQuant on Wednesday analyzed the sell-side pressure impacting Bitcoin over the past two weeks.
Contrary to popular belief, whales are not dumping.
Instead, short-term holders are driving the recent pullbacks, creating turbulence without substance.
The data from its Exchange Inflow Age/Value Bands shows that short-term holders are the main source, offloading an average of around 930 BTC per day, compared to just around 529 BTC/day from long-term holders, who remain largely unfazed.
The on-chain data also provided a breakup based on wallet size showing that the retail …
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