The early hours of the 14th of July saw the price of Bitcoin taking yet another hit to come down to $31,550. Fortunately, the price did manage to recover itself somewhat- to end at a respectable $32,900 in the first session of the day. This swift drop where the cryptocurrency reaches the crucial resistance point of $30,000 has ruffled a few feathers as alarms have been raised amongst both bears and bulls.
Nonetheless, the range of $30,000- $32,000 continues to work as a buffer- a support level. In a recent update about the market, James Bennett, the CEO of ByteTree has painted quite a complicated picture of the cryptocurrency.
According to the update provided by Bennett, the price of Bitcoin did manage to stabilize at a point of $34,000 level due to major reductions as a result of miner selling. This has also led to quite an increase in accumulation- but the CEO has warned that the decreased activity in the network could very well be a hint that the cryptocurrency is still operating at a neutral zone.
Bitcoin Transactions Decline
The recent report on the transactions of Bitcoin has displayed quite a sharp downward trajectory since April as it currently sits at 1.48 million transactions. This is quite a negation from its 9th January report of 2.57 million. Therefore, the total value provided to this BTC network has continuously dropped to $23.6 billion- which is the lowest level ever seen since December 2020.
The velocity of Bitcoin has also hit quite a downturn of 195% on the 11th of July- which is a significant reduction from its previous high of 593% on the 23rd Mat. As Bennett states, the velocity is nothing but a non-price indicator that measures the very vibrancy of the network of BTC.