Bitcoin’s second-longest bull market has fallen back, and the price of BTC “stalled” at $30,000

Since the last Bitcoin (Bitcoin) A record high, but a measure suggests that holders may wait longer.

in a Series of tweets On July 17, the analysis service Ecoinometrics revealed that this year’s fall from a historical high is the second longest bull market in the history of the Bitcoin bull market.

30,000 USD may “stay for a while”

It has been 95 days since BTC/USD reached 64,500 USD and started a major correction phase.Investors are impatient, but despite Strong fundamentals, Bitcoin spot price trend does not seem to be in a hurry to leave $30,000.

Bitcoin is 55% below the high Threats to cause problems Used in price prediction models, including historically unparalleled inventory flows.

However, if history is a guide, then Bitcoin can still be sideways for months before it can break its record. As econometrics points out, there is a 197-day interval between the two historical highs in 2013.

“This is one of the longest retracements that Bitcoin has had to deal with during the post-halving bull market,” it admitted in a Twitter comment.

“But 95 days is still only half of the duration of the dramatic contraction in 2013.”

Bitcoin retracement comparison chart.Source: Econometrics/Twitter

At that time, the price lower limit of BTC/USD was 69% lower than the previous historical high, which means that the current market setting may also allow the level of less than 30,000 USD, but it remains within the historical standard range.

However, more broadly speaking, 2013 now looks to be the most similar year to this year’s Bitcoin price event.

“In terms of price trajectories, this correction also looks very similar to 2013,” Ecoinometrics concluded.

“If we continue this way, BTC will remain at around $30,000 for a period of time…”

Gone for retail investors

As Cointelegraph Report, Recent on-chain actions portray $30,000 as a psychological trading zone not just for Bitcoin.

related: If the “reset” of the accumulation of $30,000 continues, the price of Bitcoin will only rise-research

In addition to supporting multiple indicators of its importance, investors are also beginning to increase their holdings of tokens again, including tokens previously sold at current levels.

Last weekend, statistician Willy Woo Update The picture highlights the balance between buying by retail investors and the balance between buying and selling of different types of whales.

“It is retail that is driving the Bitcoin bull market. When they stopped buying, it was a bear market warning. They didn’t stop buying,” he said Tweet Together with multiple charts on Saturday.

“Last 30 days: whales sold 4,000 bitcoins, civilians bought 31,000 bitcoins.”

Annotated chart of Bitcoin entities with flow to less than 1 BTC and BTC/USD.Source: Willy Woo/Twitter