"Hmmm BTC price looks like it's going down again but I don't know if it will suddenly go up."
The price of Bitcoin (BTC) appears to have plunged to $28,860 as the cryptocurrency investment product saw $6.5 million in outflows in the first week after four straight weeks of inflows totaling $742 million from institutions.
The streak, traders who believe that buying by institutions has ended, followed mostly by selling their respective BTC holdings.
In addition to BTC, the entire crypto market also experienced significant selling pressure as over $90 million worth of digital assets were liquidated in an hour and $150 million in the past 24 hours.
Government bond yields around the world also fell as the yield on the 10-year US Treasury note fell to 3.81% but traders are now preparing for interest rate decisions from the Federal Reserve (Fed), the European Central Bank (ECB) and the Bank of Japan (BOJ).
However, BTC is expected to make a decline first before continuing the bullish movement but the price needs to break through the strong resistance zone at $30,400 to indicate that the uptrend has started.
Many investors are confident that the price of BTC will rise as the balance of the digital asset for long-term holders has increased significantly in the past 30 days while the balance of BTC held for 155 days or more successfully reached 62,000 BTC.
Overall, the supply of long-term BTC holders reached an all-time high of 14.52 million BTC, which means around three-quarters of the circulating supply of the digital asset is already in the hands of long-term holders.
So here would like to emphasize that the sudden selling pressure is a bullish sign for the crypto market including BTC.
As of this writing, BTC price has plunged by 2.77% to $29,068 in the last 24 hours with a market capitalization of $565 billion while Ethereum (ETH) has slipped 1.58% to $1,847 and Ripple (XRP) is down 5.23% to $0.69.
