The price of Bitcoin has fallen to the lower end of its one-month trading range, reaching as low as $29,704 before recovering slightly. Analysts have noted a lack of momentum and liquidity in the market, with narrow Bollinger Bands indicating a potential move on the horizon.
Glassnode's on-chain data shows a slow but steady inflow of capital into Bitcoin, but investors remain unwilling to part with their held supply, resulting in choppy market conditions. Short-term holders may need to trim their profits before selling pressure eases and the bulls can take control again.
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