Today, the price of Bitcoin has fallen to a price level below $ 45,000 after Elon Musk raised speculation Tesla might sell Bitcoin at any time. This afternoon Musk had uploaded a statement confirming that Tesla has not yet sold its bitcoin holdings.
As worries hit the crypto market, on-chain volumes indicate that short-term bitcoin holders tend to sell their holdings in this fall phase and some even sell at a loss. However the opposite is shown by Hodler who chooses to retain the hold and add to it.
The story of this #Bitcoin dip in 4 charts ⛓️
Most of the on-chain volume came from short-term holders that ended up capitulating at a loss 🪦
Meanwhile, long-term holders & miners are stacking sats at an increasing pace, clearly buying the dip 💪 pic.twitter.com/TSa37T17nV
-Dilution-proof (@dilutionproof) May 17, 2021
As CoinGape reported, the supply of Bitcoin exchanges continued to increase during this period. On the other hand, Bitcoin (BTC) collection addresses also continue to increase. Another Skew chain data provider also noted that Bitcoin’s volatility rose to a 2021 high over the weekend.
Before the price of Bitcoin today plunges to a price level below $ 50,000, the BTC price is trying to overcome the $ 50,000 resistance.Over the past month, Bitcoin has continued to be under pressure while altcoin is more dominant in the market.
Digital payments company Jack Dorsey Square has invested more than $ 150 million in Bitcoin over the past few months. However the company announced that they are not making any additions in bitcoin holdings.
