The LUNA of it all – Why Bitcoin fell below $30K
The mid-week lull was swiftly broken as Bitcoin fell below the $30,000-mark – yet again. While you might feel the urge to blame world events or broader market factors for this dip, you’d be well advised to think again. Strange movements are afoot, and their ripples might just be the trigger for Bitcoin’s latest fall in price.
At press time, Bitcoin was changing hands at $29,815.23 after slipping by 2.16% in the last 24 hours. It also fell by 3.14% over the past week. The most obvious cause?
Well, rising exchange supply could be one factor. Since 15 May, Bitcoin has been returning to crypto-exchanges which naturally created a selling pressure of sorts.
Source: Santiment
Additionally, Santiment data revealed that idle Bitcoin addresses have been waking up over the past week. This could mean that investors who previously practiced a hands-off approach might be deciding to cut their losses and sell their coins.
Though Bitcoin’s Age Consumed metric spiked on 14 May, a hike was also seen on 17 May.
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