Bitcoin (BTC<\/a>) has spent almost a month at or near $30,000, but this is no coincidence, new analysis claims.<\/p>\n In one of its Quicktake<\/a> market updates on July 17, on-chain analytics platform CryptoQuant highlighted three key factors keeping BTC price action in the same place.<\/p>\n Bitcoin has rebuffed any attempt at a breakout for weeks on end<\/a>, making casual one-year highs but always falling lower afterward.<\/p>\n For CryptoQuant contributor Axel Adler, this has roots \u2014 among other things \u2014 in speculative trading.<\/p>\n Short-term holders (STHs), he notes, have divested themselves of their holdings since April, leading to increased selling pressure above $30,000.<\/p>\n \u201cThis group is actively selling off their Bitcoin reserves, exerting significant pressure on the market,\u201d he wrote. <\/p>\n \u201cThis indicates that short-term investors are actively liquidating their assets, thereby locking in their profits.\u201d<\/p><\/blockquote>\n CryptoQuant defines STHs as entities hodling coins for six months or less. <\/p>\n Other recent data from on-chain analytics firm Glassnode led analysts to the conclusion that the STH cost basis \u2014 recently around $26,400 \u2014 is likewise keeping BTC price action afloat<\/a> in times of more pronounced downside pressure.<\/p>\n Bitcoin miners are also on the radar this quarter as higher BTC prices spark an uptick in sales.<\/p>\n For Adler, selling BTC holdings to cover expenses ahead of the block subsidy halving<\/a> in 2024 marks another factor influencing price performance today.<\/p>\n \u201cMiners are actively selling their Bitcoin reserves,\u201d he summarized. <\/p>\n \u201cThis is not a random occurrence; we have seen peak sales over the last year. This is connected to the upcoming halving event when the reward for mining Bitcoin decreases by half. Miners require liquidity to invest in new equipment to stay competitive.\u201d<\/p><\/blockquote>\n As Cointelegraph reported, mining pool Poolin recently contributed extensive exchange inflows<\/a>, sending large tranches of BTC to Binance. This has since become a topic of speculation amid rumors<\/a> over the pool\u2019s financial buoyancy.<\/p>\n Bitcoin volatility remains among its lowest in terms of historical context.<\/p>\n Related:\u00a0BTC traders brace for $30K loss \u2014 5 things to know in Bitcoin this week<\/a><\/em><\/strong><\/p>\n CryptoQuant reveals a net slowdown in trading activity since April, as those taking profit hope for a more substantial breakout to come.<\/p>\n Data from TradingView<\/a> shows the Bitcoin historical volatility index at 14.77 as of July 18 \u2014 far below even its 2023 peak.<\/p>\n \u201cAll these factors together form the current picture of the Bitcoin market, where the price appears to be \u2018stuck\u2019 in a narrow range,\u201d Adler concluded. <\/p>\n \u201cHowever, as always with cryptocurrencies, changes can occur very quickly, so investors and traders should closely monitor on-chain metrics to stay informed about market changes.\u201d<\/p><\/blockquote>\n Collect this article as an NFT<\/a><\/em><\/strong> to preserve this moment in history and show your support for independent journalism in the crypto space.<\/em><\/em><\/p>\nBitcoin speculators in the driving seat<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-07\/6784bed5-fe4c-458d-8aa7-93814534d107.jpeg\")
Miner selling preempts Bitcoin halving<\/h2>\n
![\"\"](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-07\/7abcf0f0-46eb-4ecd-a596-f9cbf5a783a6.jpeg\" "\\"\\"")
Real BTC price volatility absent<\/h2>\n
![\"\"](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-07\/c819c6f8-2b9d-440c-8671-9cc353367430.png\" "\\"\\"")