Bitcoin Has Dropped, But Recovery is Not Near Analyst Explains the Reason for the Decline

CryptoQuant analyst explains the Bitcoin (BTC) decline, highlighting the pressure created by different investor groups.
Bitcoin Has Dropped, But Recovery is Not Near Analyst Explains the Reason for the Decline

The analyst from the on-chain analysis platform CryptoQuant highlighted the factors creating selling pressure in Bitcoin (BTC) and the market’s potential for recovery.

The analyst examined the selling pressure by hour and date, noting that the first significant data came from Bitcoin wallets in the 3-6 month age group on July 29 at 7:00 PM, moving 29,828 BTC.

The second major movement occurred on July 30 at 11:00 AM from the short-term investor group in the 1 week-1 month age group, moving 14,140 BTC, and at 10:00 PM, the 3-6 month age group moved 32,254 BTC.

These age groups are calculated based on how long the wallets have been holding Bitcoin or how long they have been involved in Bitcoin transactions.

The analyst stated that the activity in these three age groups contributed to the decline and did not foresee a recovery in the short term. He emphasized that the selling was strong, particularly when the price approached $70,000, indicating that more time is needed for a recovery.

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