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

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 hovered at $36,000 overnight, after dropping 12% in just 72 hours. Despite low-volume weekend trading conditions, the pair was still near

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.

Related Posts – AMC Theatres Explores Accepting Dogecoin, CEO Sees Awing DOGE Poll Results

Will
AUTHOR
PROFILE

Posts Carousel

Latest Posts

Top Authors

Most Commented

Featured Videos