Quick Take
Bitcoin’s support level at $29k has recently been breached, leading to significant action from short-term investors.
Those who have held Bitcoin for less than 155 days have been observed to capitulate, transferring approximately 17k coins to exchanges at a loss. This activity has surged to one of the highest levels witnessed within the current year and has remained elevated for several months.
The heightened level of such activity suggests a noteworthy exhaustion of patience among these investors. This development not only underscores the volatile nature of Bitcoin but also signals a shifting investor sentiment in the face of sustained market pressures.
The past 24 hours have seen an upheaval in the Bitcoin market, with total liquidations exceeding $150 million, according to data from Coinglass. Notably, these liquidations were predominantly long positions.
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