In the early hours of July 14, Bitcoin price took a surprise hit to $31,550 before slowly recovering back above $32,900 in the morning session.
The swift drop near the crucial $30,000 resistance raised alarms among bulls and bears and whilst the $30,000 to $32,000 level continues to function as a support level, a recent market update from ByteTree CEO James Bennett paints a mixed picture of what may be in store for BTC.
According to analysis from Bennett, the price of Bitcoin has stabilized near the $34,000 level due to a reduction in miner selling and an increase in accumulation, but he also warns that several metrics show that decreased activity on the network hint that BTC is still in a neutral zone where there is a reduced appetite from key players.
Bitcoin transactions decline
According to Bennett weekly Bitcoin transactions have been in a sharp downturn since April and now sit near 1.48 million transactions which is down from the