• Bitcoin traded 3% lower than the previous day and stepped down to $29,278 at press time.
• However, the number of addresses holding 0.1+ BTC reached an all time high.

Ever since Bitcoin [BTC] crossed the $30k mark, traders and enthusiasts of the king coin have rejoiced their position. The beginning of Q2 also saw a revived interest in BTC from various beginners in the crypto community.

However, at press time, BTC exchanged hands below the $30k mark at $29,278 after dropping by almost 3% in the last 24 hours. So what disturbed BTC’s path of achieving new highs in the $30k zone?

Read Bitcoin’s [BTC] Price Prediction 2023-2024

Was all of it temporary?

As per data from CryptoQuant analysis by CryptoOnchain, a rise in the sale of BTC led to a price correction over the last 24 hours. As shown in the chart below, BTC long-term holders (18 months-2 years) selling their BTC led to a drop in the price of the king coin.

However, the analyst also pointed out a rise in the BTC outflow exchange balance. This meant that a rising number of BTC investors were moving their coins to wallets. This could thus, offer BTC some much-needed support to jump back into its race to $30k.

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Author: Aashna Dunwani

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