Bitcoin (BTC) is seeing a “reset” in investor behavior at $30,000 and the trend need only continue to spark a price rise.
According to on-chain monitoring resource Ecoinometrics on July 13, the only way is “up” for BTC/USD if hodlers continue accumulating coins.
“Intriguing” data points to fresh demand
Analyzing who bought coins since the start of the latest bull run in October 2020, Ecoinometrics showed that major change is afoot compared to last year.
At the start, it was smaller investors, or “small fish,” who were accumulating. This began when Bitcoin passed its previous all-time high of $20,000 and continued all the way up to the new peak of $64,500.
At $20,000, however, larger investors began selling, albeit not in sufficient quantities to end the bull run.
Whales, on the other hand, added selling pressure once BTC/USD hit $30,000 for the first time. The result, analysts say, was the tipping point at May’s highs.
“Apparently $30k is a key level that stopped the trend of