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Short-term holders are selling Bitcoin at $36K, causing the price to drop

The price of bitcoin has stabilized, but the situation remains bleak for individuals with significant stakes. As volatility subsided throughout the weekend, Bitcoin (BTC) found a new home at $36,000 on May 7.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC/USD hovered at $36,000 overnight, after dropping 12% in just 72 hours.

Despite low-volume weekend trading conditions, the pair was still near its lowest levels since late February and had avoided a revisit of 2022 lows at the time of writing.

Popular trader Anbessa highlighted the anticipated support level to buy Bitcoin in what he termed as a “fakeout” in his last Twitter update on May 6 – a zone commencing at little under $33,000.

While some saw profit opportunities, others suffered losses, like the Luna Foundation Guard (LFG), a nonprofit organization affiliated with Blockchain protocol Terra that purchased $1.5 billion in BTC in over-the-counter dealings this week.

LFG was down almost $240 million on their BTC hoard at the time of writing, according to statistics from on-chain tracking portal BitInfoCharts, not adding the week’s newest acquisition.

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